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

There's no minimum income to file a business tax return

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There's no minimum income to file a business tax return

You must file a business return even if you made just one dollar; the IRS can audit your bank statements.

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Why not filing your taxes usually means you lose money

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Why not filing your taxes usually means you lose money

The IRS already has your W-2s and 1099s, and if they file for you they won't include your deductions.

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When the IRS says your business is actually a hobby

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When the IRS says your business is actually a hobby

If your business loses money for years, the IRS may reclassify it as a hobby and disallow your losses.

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Why hiding income in cash doesn't work with the IRS

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Why hiding income in cash doesn't work with the IRS

The IRS can trace unexplained cash spending and will audit multiple years if they catch you lying.

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What actually happens if you don't file your taxes

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What actually happens if you don't file your taxes

If the IRS isn't contacting you about unfiled returns, you probably have a refund coming that you're missing out on.

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What happens if you don't report gambling winnings

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What happens if you don't report gambling winnings

The IRS already has your W2G, so unreported winnings trigger a letter and a bill, not jail.

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Why running a cash-only business is risky

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Why running a cash-only business is risky

Using cash to hide income is tax fraud, and auditors will notice when no bills are paid through a bank.

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1:18

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What actually triggers an IRS audit

The IRS uses computers to flag returns with numbers that don't make sense, like losses bigger than your income.

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Why you don't need to fear an IRS audit

If you follow the rules and avoid shady deductions, you have nothing to worry about during an audit.

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Can you deduct a private jet to your rental property?

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Can you deduct a private jet to your rental property?

Travel expenses to rental properties are deductible, even a chartered jet, as long as you can justify the expense to the IRS.

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Why lying about mileage deductions will catch up to you

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Why lying about mileage deductions will catch up to you

The IRS knows inflated mileage claims don't match your income, and when they catch up it hurts.

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Why fake mileage deductions will get you audited

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Why fake mileage deductions will get you audited

Writing off way more miles than you actually drove is lying and the IRS will catch it.

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How the IRS catches people who inflate deductions

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How the IRS catches people who inflate deductions

The IRS computer flags returns where deductions are disproportionate to reported income, like huge mileage claims on small earnings.

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What happens when you don't file taxes for years

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What happens when you don't file taxes for years

If the IRS isn't chasing you, you either owe little or have a refund waiting that you're missing out on.

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Do you really need to keep all those paper receipts

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Do you really need to keep all those paper receipts

Use one dedicated bank account and credit card for business expenses to create automatic records the IRS accepts.

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What happens if you stop paying taxes

The IRS computer files a return for you, sends a bill, and puts a lien on you to collect later.

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The IRS already has your W2s and 1099s

The IRS gets copies of all your income forms and matches them to your return in summer, so report everything.

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How the IRS catches people who inflate deductions

The IRS uses computers to flag returns where deductions are disproportionate to reported income.

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What happens if you ignore a 1099 from Venmo

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What happens if you ignore a 1099 from Venmo

The IRS can see unreported 1099 income during audits, so don't ignore payment app tax forms.

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Venmo 1099 thresholds are dropping fast

The Venmo reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless of whether you get a form.

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Will you get a DOGE rebate if you haven't filed taxes

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Will you get a DOGE rebate if you haven't filed taxes

If a DOGE rebate happens, it will likely work like COVID stimulus and require a filed return to receive payment.

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How the IRS actually reviews your tax return

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How the IRS actually reviews your tax return

The IRS uses computers to match forms to your return, and audits just verify you can document your deductions.

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Selling stuff online: personal property vs business income

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Selling stuff online: personal property vs business income

Personal property sales like garage sales aren't taxable, but regularly buying and reselling items may be treated as business income by the IRS.

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What it takes for the IRS to put you in jail

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What it takes for the IRS to put you in jail

You can go to jail for tax fraud when you knowingly do something wrong.

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