STOP OVERPAYING TAXES

Common Tax Mistakes That Make Business Owners Overpay (And How to Fix Them)

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CPA Stephen Lee explains that many business owners legally overpay taxes by missing strategies allowed by the tax code, then walks through 15 common issues and how to fix them. He covers failing to deduct ordinary and necessary expenses, the home office deduction, mileage and travel tracking, not using retirement plans like SEP IRAs and solo 401(k)s, missing the QBI (Section 199A) deduction, improper worker classification, incorrect depreciation (Section 179 and bonus depreciation), ignoring startup and organizational costs, not writing off bad debts, lacking an accountable plan for reimbursements, poor record keeping, overpaying estimated taxes, failing to claim available tax credits, being overly conservative or overly aggressive with deductions, and not working with a tax professional for ongoing planning.

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00:00 Stop Overpaying Taxes

00:51 Write Off Business Expenses

01:17 Home Office and Mileage

01:51 Retirement Plan Tax Savings

02:13 QBI Deduction Explained

02:32 Payroll and Depreciation

03:02 Startup Costs and Bad Debts

03:29 Accountable Plans and Records

04:00 Estimates Credits and Risk

04:47 Work With a Tax Pro

05:02 Bottom Line and Wrap Up