Everyone should pay their taxes and abide by the law, but Drew Pells, co-owner of JT Pells Accounting Services says there’s no need to tip! Tipping is for your server, not Uncle Sam. It’s important to know this episode is informational and not tax advice for you specifically. Your situation is unique, so make sure to ask your tax professional or lawyer about anything discussed.
With small business come tax write-offs
During the COVID response, the USA and Iowa saw a record number of small business formed. And with a small business come some tax advantages many previous W2 employees aren’t aware of. Did you know if your kids work at your business, or you office at home and pay yourself rent there are some significant tax savings you might not be aware of?
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This episode is packed with strategies that are quite aggressive, but absolutely fascinating nonetheless. The goal of this interview is to arm you with information to take to your lawyer or tax professional.
Remember, always be 100% truthful on your tax write offs. Character and integrity matter… plus the IRS isn’t very forgiving.