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Mentions W-2 employee deductions but pivots to promoting his Explorer membership for small business tax advice.
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Most tax preparers just file and hand you the bill without explaining what they did or what you're paying for.
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Long-haul truckers can claim per diem and mileage for parts runs, but many tax preparers miss these.
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Capital improvements like roofs and countertops depreciate over time, while repairs like carpet and paint can be written off immediately.
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If your tax person never explains anything or offers advice, they're just plugging in numbers and you deserve better.
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An auto repair shop missed $50-60K in annual equipment write-offs for 7 years because their tax person said they couldn't deduct it.
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Business education cruises with relevant experts can qualify as deductible business expenses you can take annually.
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The IRS gets copies of your W-2s and 1099s and will file a return for you without deductions if you don't.
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The only way to avoid all taxes is to die; otherwise the tax code exists to help business owners take deductions.
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You're in business from dollar one of income, whether or not you've formed an LLC.
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If you've filed and paid on time for 4-5 years, ask the IRS for a first time abatement to remove late penalties (but not interest).
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Deductions pass taxable income to the next business in the chain, so you're paying exactly what you owe.
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If you're hiding income with cash and get caught, expect a huge tax bill because you won't have records to prove business expenses.
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You can only deduct the percentage of your home used for business, not your whole mortgage or utilities.
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Real conversations build trust better than recycled content from template websites.
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A review of a construction business tax return revealed missing rent, advertising, and tool expenses that saved $12,000.
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If you stitch my videos, consider inviting me on live instead so we can teach your followers together.
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The Real Tax Guy is open to podcast collaborationsβjust send a direct message to get in touch.
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Report 1099 income on a Schedule C as a business so you can deduct expenses like mileage, meals, and phone.
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The IRS now tracks digital payment apps and issues 1099s, so separate personal from business transactions.
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If you make too much money, you can't deduct rental property losses unless you meet the real estate professional criteria.
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Car brand doesn't trigger audits; the IRS only cares about value and business use.
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Large sudden deductions or losses that don't match your income can trigger IRS attention.
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A quick intro to understanding how people profit from real estate investing.
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688 videos in the library