Incite-FUL Profit Podcast | Incite Tax

What are the most commonly missed tax deductions?

Tax season can be a real headache for many people.

With so many forms, numbers, and deductions to keep track of, it's easy to miss some important tax breaks that could save you a bundle.

But fear not!

We've compiled a list of the most commonly missed tax deductions, so you can keep more money in your pocket.

John Briggs | Tax Genius
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Are you ready for some laughs? Let's talk about car deductions on your taxes!

We all know that owning a car can be expensive, but did you know that you can actually deduct some of those expenses on your tax return? 

That's right, the IRS is willing to cut you a break if you use your car for business purposes. 

And if you're like most people, you probably use your car for everything from commuting to work to picking up groceries to taking your pet to the vet. 

So, why not take advantage of those miles and claim a deduction on your taxes?

But, let's be real here, claiming car deductions can get a little confusing. 

You have to keep track of your mileage, gas receipts, and maintenance costs. And don't even get me started on depreciation! It's enough to make your head spin.

So, how do you navigate this confusing world of car deductions? Here are some tips to help you out.

Remember, profit is a choice. Have the courage and wisdom to choose it.

John Briggs | Tax Genius
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Should I worry about a 1099?

No…and yes.

You should be less worried about 1099 and be more worried about making sure you're tracking the income you make. 

We will reach out to clients and say, “ Hey, we're ready to file your taxes.”
And the response is, “I need to wait until I get my 1099, because I don't know how much money I made.”

That is a level of irresponsibility that you don't want to have. 

You don't want to rely on the 1099 to know how much money you make.

Keep track of payments and income received. 

We call it in our accounting space a profit and loss statement. 

Need help with your taxes? Click below!

Remember, profit is a choice. Have the courage and wisdom to choose it.

John Briggs | Tax Genius
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What are the taxes small business owners need to know about?

INCOME TAX

Income tax is the first tax small business owners need to be aware of. Once a year you file a tax return for your business and your personal income. These income tax returns will cover your federal income tax and state income taxes. You may get a request from your accountant to pay estimated quarterly taxes for your business. 

Listen to find out the remaining four taxes small business owners should know about when filing their taxes each year. 

John Briggs | Tax Genius
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What triggers an IRS audit?

If you decide to file your own tax returns. We've covered a couple videos recently about red flags and what to be aware of so you won’t be audited. We will link that video in the description of this video. I'm going to go over a couple more red flags today.

Filing a Schedule C can be a red flag for the IRS. The reality is tax returns that have Schedule C compared to tax returns that don't, get audited more often. Listen to this podcast in full or visit Incite Tax at https://incitetax.com

And remember...the #IRSSUCKS

John Briggs | Tax Genius
[email protected]
Visit our website @ Incite Tax

Schedule A Call

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What triggers an IRS audit?

If you decide to file your own tax returns. We've covered a couple videos recently about red flags and what to be aware of so you won’t be audited. We will link that video in the description of this video. I'm going to go over a couple more red flags today.

Filing a Schedule C can be a red flag for the IRS. The reality is tax returns that have Schedule C compared to tax returns that don't, get audited more often. Listen to this podcast in full or visit Incite Tax at https://incitetax.com

And remember...the #IRSSUCKS

John Briggs | Tax Genius
[email protected]
801-999-8295

John Briggs | Tax Genius
[email protected]
Visit our website @ Incite Tax

Schedule A Call

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Click Here for Tax Help

How to do taxes for the first time? Let's start with tax brackets.

The first thing we look at is the filing status, because each status has a different tax bracket: single, married filing jointly, head of house, married filing separately and surviving spouses. Each is a separate tax bracket.

Listen as John Briggs, Tax Genius, guides you through important information on how to do taxes for the first time. He breaks down the tax brackets and explains how each % works toward your taxable income.

Do you need help with your taxes this year?

John Briggs | Tax Genius
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Click Here for Tax Help

How can I file my personal taxes by myself? 

First thing I'll say is don't fill out the forms by yourself, by hand. Everyone I know who has filled out papers by hand has been audited because they, at a minimum, messed up some calculations

Follow along as John gives you advice on personal software and red flags to watch out for when filing personal taxes by yourself. 

Need some help? We are here for you! 

John Briggs | Tax Genius
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How to Avoid Paying Taxes as an Independent Contractor?

An independent contractor is someone who has a 1099 income or self-employed income. This allows you to take advantage of the same tax code that large corporations, like Fortune 100 companies take.

To file your taxes, you first are going to have to determine how you've set up the entity structure for your income. We have lots of videos and information on the best way to figure that out, you can follow the link to our YouTube Channel below. Ultimately, you want to choose the right choice between Sole proprietor, LLC, S Corporation, or C Corporation partner. As an independent contractor, you're a business owner, and so you need one of those business structures.

Follow the link below for how to avoid paying taxes as an Independent Contractor:

John Briggs | Tax Genius
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FREE Bookkeeping Checklist

A checklist for bookkeeping. What does that look like?

First of all, we recommend that you update your books no more than once a week. More than once a week is just a lot of unnecessary effort. We follow the Profit First system, so a lot of our clients and a lot of our recommendations also will fall into biweekly, every two weeks. 

Follow the outline below for all our Bookkeeping checklist items!

If you'd like a download for these things that we're recommending on the checklist, feel free to follow the link below to download the checklist. 

John Briggs | Tax Genius
[email protected]
Visit our website @ Incite Tax

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