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TopicsCryptoDeductionsFamilyIrsLlc & S CorpPayrollPersonal TaxesReal EstateRetirementSide HustleSmall BusinessTax Strategy
1:03shorts
Why the IRS created hobby loss rules
The IRS created hobby loss rules in the 70s and 80s to stop people from deducting personal losses from side businesses like Mary Kay.
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1:06shorts
The truck write-off is about towing capacity, not weight
The IRS heavy vehicle deduction is meant for work trucks, not buying an Escalade for your small side business.
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0:52shorts
What I do after tax season ends
Free tax return reviews often find missed deductions because everything you need for your business is deductible.
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1:12shorts
Why fake business losses will catch up with you
The IRS watches for repeated business losses and will eventually catch fabricated deductions.
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1:03shorts
What I mean by playing the tax game
Tax planning means meeting with your accountant in October to make strategic moves before year-end, not just handing over numbers in January.
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1:04shorts
Why online tax software fails small business owners
Online tax software limits Schedule C categories, causing self-employed filers to miss thousands in legitimate deductions.
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1:13shorts
What tax code 162 actually means for business deductions
Any expense you spend for your business is a business deduction; there's no special list by industry at the IRS.
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0:41shorts
Your tax preparer should ask you questions
A good CPA will talk through your expenses to make sure you're claiming everything you actually spent.
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0:48shorts
DBA vs LLC: what they actually mean for taxes
A DBA is just a name you operate under, while an LLC must be paired with a tax classification like sole proprietor, partnership, or S corp.
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0:56shorts
How business expenses reduce your taxable income
Use your business to pay for legitimate expenses like meals, travel, phone, and supplies before calculating profit.
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1:02shorts
You don't need income to claim deductions
Deductions must go on the year you spent the money, even if you had no income from the business yet.
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1:03shorts
What happens if you don't file when you owe taxes
If you owe taxes and don't file, a tax professional can help you figure out the damage for free.
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0:50shorts
How buying equipment saved one client $60k in taxes
A client with $375k profit bought equipment before year-end and saved nearly $60,000 by following depreciation rules.
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0:59shorts
How business owners write off vacations as conferences
Business travel to conferences with learning activities can be deductible, including hotels and upgraded rooms.
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1:06shorts
You don't need a mileage log for the IRS
The IRS wants to know where you drive and how often, not a daily written log.
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1:11shorts
We're planning a cruise for clients and followers
Announcement about an upcoming cruise trip with a link to sign up for updates.
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1:06shorts
Why most business owners miss deductions
Many business owners overlook deductions and overpay taxes; a consultation can help identify what you're missing.
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0:58shorts
Three ways small business owners can prepare for 2024 taxes
Get receipts organized, wait for tax documents, and track business expenses paid from personal accounts.
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0:57shorts
Business deductions don't cheat the government
When you deduct a business expense, the money goes to someone else who pays tax on it as income.
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1:11shorts
S corp vs schedule C saved this client $60,000
High-income business owner with low overhead saved $60k in self-employment tax by using an S corp instead of schedule C.
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1:03shorts
Home office deductions don't include your whole mortgage
You can only deduct the percentage of home expenses for the space you use, not your entire mortgage or utilities.
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1:24shorts
Why self-employment changes your tax situation
W-2 employees pay tax on everything, but self-employed people deduct meals, mileage, and home office before calculating taxes.
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1:03shorts
Three business deductions most people miss
Meals, mileage, and phone or internet are commonly forgotten because people pay with personal accounts or are scared to claim them.
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1:06shorts
Business meal deductions are legal to take
The IRS can't track where you ate; a business meal is a legitimate deductible expense.
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415 videos in this filter