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TopicsCrypto Deductions Family Irs Llc & S Corp Payroll Personal Taxes Real Estate Retirement Side Hustle Small Business Tax Strategy

Why fake business losses are risky but airplane deductions are legit

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Why fake business losses are risky but airplane deductions are legit

The IRS expects businesses to profit 2 of 5 years or they may audit you back 7 years with penalties.

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Common tax myths I keep hearing from clients

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Common tax myths I keep hearing from clients

Debunks myths about meal deductions, truck write-offs, and whether kids' W-2s go on your return.

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Yes, I actually do tax returns (and here's how to work with me)

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Yes, I actually do tax returns (and here's how to work with me)

Beyond the videos, there are tax prep services, a subscription with office hours, community forums, and even a tax-deductible cruise.

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LLC types and when to switch to an S corp

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LLC types and when to switch to an S corp

Single-member LLCs pay self-employment tax on all profits; switching to an S corp can reduce that tax when income grows.

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What to do if you get audited by the IRS

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What to do if you get audited by the IRS

Most IRS letters just ask you to verify info, and real audits aren't scary if you told the truth.

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Why working remotely doesn't make a trip deductible

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Why working remotely doesn't make a trip deductible

You need a real business reason to be somewhere, not just doing your regular work from a vacation spot.

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Equipment purchases are deductible for your business

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Equipment purchases are deductible for your business

A repair shop missed seven years of equipment write-offs because their tax person said they couldn't deduct them.

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What reasonable and necessary actually means for expenses

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What reasonable and necessary actually means for expenses

Spend what you need for business purposes without going so lavish it looks unusual relative to your income.

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I actually do tax returns, not just videos

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I actually do tax returns, not just videos

After 30 years of doing taxes, I offer free reviews to help you understand what your specific business should track.

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Why you still owe taxes on small business income

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Why you still owe taxes on small business income

Even if business income is under the standard deduction, you still owe self-employment tax on it.

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How to track your business deductions

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How to track your business deductions

Join the Explorer membership for advice, videos, and live office hours to help track business expenses.

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Working remotely on vacation doesn't make it a business trip

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Working remotely on vacation doesn't make it a business trip

Your reason for the trip matters—if it's vacation, you can't deduct it just because you worked while there.

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Why the IRS might call your business a hobby

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Why the IRS might call your business a hobby

If your business only creates losses, the IRS can reclassify it as a hobby and make you repay years of tax savings with penalties.

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What travel expenses are deductible on a business trip

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What travel expenses are deductible on a business trip

Business travel costs like mileage, hotels, meals, flights, rental cars, and even lounge memberships can be deducted from your income.

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You can deduct meals without a 30 mile rule

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You can deduct meals without a 30 mile rule

There's no IRS rule requiring meals to be 30 or 50 miles away to be deductible; just keep credit card records.

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Retirement planning depends on your business profit

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Retirement planning depends on your business profit

Different retirement accounts work for different situations based on your age, profit level, and when you want to retire.

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Why cash transactions can backfire in an IRS audit

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Why cash transactions can backfire in an IRS audit

If you pay for business expenses in cash and get audited, you won't have bank records to prove your story.

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Why cheap tax prep might cost you thousands

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Why cheap tax prep might cost you thousands

DIY software doesn't catch missed deductions like travel, meals, and other write-offs you're entitled to.

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Equipment purchases are deductible for your business

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Equipment purchases are deductible for your business

If you buy equipment for your business, you can write it off—don't let a bad preparer tell you otherwise.

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Do you have to report Venmo business income

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Do you have to report Venmo business income

Yes, business income through Venmo must be reported on your taxes.

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When switching to an S corp actually saves you money

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When switching to an S corp actually saves you money

An S corp only helps when your profits exceed the salary you need to pay yourself for things like mortgage approval.

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Business structures explained from sole prop to S corp

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Business structures explained from sole prop to S corp

Walks through sole proprietor, LLC, S corp, and partnership structures and when each applies.

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The hidden cost of doing your own business taxes

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The hidden cost of doing your own business taxes

80% of DIY business returns miss $3,000 to $5,000 in deductions that a tax pro would catch.

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You can deduct business losses before you turn a profit

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You can deduct business losses before you turn a profit

The IRS handles business income year by year, so you can claim losses now instead of waiting until you're profitable.

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