#tax-deductions

Tax Deductions

Maximize tax deductions and reduce your tax liability legally

418 postsView all tags Back to All Posts

June 3, 202614 min read

Mobile Dog Grooming Bookkeeping: Van Depreciation, Worker Classification, and the KPIs That Predict Profit

A bookkeeping guide for mobile dog grooming operators covering entity structure, ASC 606 revenue recognition for subscriptions and prepaid packages, Section 179 and bonus depreciation on the van conversion, 1099 vs W-2 classification under the federal economic-reality and ABC tests, mileage substantiation under Section 274, per-van P&L, and the operating KPIs (appointments per day, average ticket, rebook rate) that predict profitability.

Mike Thrift

bookkeepingsmall-businesssection-179

June 2, 202614 min read

Court Reporter Bookkeeping: Per-Page Revenue, ASC 606, and the KPIs of a Six-Figure Steno Practice

A practical bookkeeping guide for solo court reporters and stenographers — covering per-page transcript revenue, ASC 606 recognition of appearance fees and copy sales, Section 179 deductions for stenotype writers, multi-state tax nexus, and the KPIs (pages per workday, effective hourly rate, DSO) that separate six-figure practices from break-even ones.

Mike Thrift

bookkeepingself-employmentfreelance

June 2, 202612 min read

Mobile Notary and Loan Signing Agent Bookkeeping: Schedule C, Section 1402(c)(2), and the KPIs That Matter

Mobile notaries and loan signing agents can carve notarial-fee income out of self-employment tax under IRC Section 1402(c)(2). This guide covers Schedule C income separation, the 2026 70-cent standard mileage rate, multi-state commission costs, surety bond versus E&O insurance, and the per-signing KPIs that turn an NSA practice from side hustle into a sustainable business.

Mike Thrift

bookkeepingself-employment-taxtax-deductions

June 2, 202614 min read

Stacking the Self-Employed Health Insurance Deduction with the Premium Tax Credit, HSA, and Augusta Rule: A 2026 Owner Compensation Playbook

A field guide to coordinating the Section 162(l) self-employed health insurance deduction with the Premium Tax Credit's circular calculation, HSA contributions, and the Augusta Rule (Section 280A(g)) — including Form 7206 mechanics, S-corp W-2 Box 1 reporting under IRS Notice 2008-1, Medicare Part B and D deductibility, and 2026 contribution limits.

Mike Thrift

tax-planningtax-deductionshealth-insurance

June 1, 202614 min read

The Augusta Rule: How Business Owners Rent Their Home to Their S-Corp for 14 Days a Year Tax-Free

Internal Revenue Code Section 280A(g) lets a business owner rent a personal residence to their own S-corporation for up to 14 days a year and exclude every dollar from personal gross income while the business deducts the rent under Section 162. The Sinopoli case shows what survives an audit and what does not.

Mike Thrift

taxtax-planningtax-deductions

June 1, 202613 min read

Charter Boat and Sportfishing Captain Bookkeeping: The Captain's Guide to Running a Profitable, IRS-Ready Charter Operation

A working captain's guide to charter boat bookkeeping in the U.S.—how to track OUPV/six-pack license renewals, deferred deposits under ASC 606, mate tip pools, fuel surcharges, Section 179 vessel depreciation, and HMS permit compliance so a hard season translates into a profitable, defensible business.

Mike Thrift

bookkeepingsmall-businessseasonal-business

June 1, 202612 min read

Personal Chef Business Bookkeeping: The Schedule C Playbook for Solo Culinary Pros

A 2026 bookkeeping guide for personal and private chefs covering ASC 606 principal-vs-agent grocery treatment, the 72.5¢ standard mileage rate, Section 179 equipment, cottage food law constraints, and quarterly estimated tax safe harbors for Schedule C filers.

Mike Thrift

bookkeepingself-employment-taxsole-proprietorship

June 1, 202613 min read

The Section 199A QBI Deduction in 2026: A Permanent 20% Tax Break for Pass-Through Business Owners

OBBBA made the Section 199A pass-through deduction permanent and widened the 2026 phase-in to $201,750 single / $403,500 MFJ. Here is how the 20% QBI deduction, the W-2 wages and UBIA caps, the SSTB phase-out, the new $400 minimum, and Form 8995-A aggregation actually work for S-corps, LLCs, and partnerships.

Mike Thrift

tax-deductionstax-plannings-corp

May 28, 202613 min read

Mobile Mechanic Bookkeeping: Premium Billing, Section 179, Markup Matrix, and Warranty Reserves

A working playbook for mobile mechanic bookkeeping — tiered labor rates, a parts markup matrix targeting 58% gross margin, actual-expense vs 72.5-cent standard mileage, Section 179 on scan tools and upfitted cargo vans, comeback warranty reserves, and quarterly Schedule C obligations.

Mike Thrift

bookkeepingsmall-businesstrades

May 20, 202612 min read

Cash Balance Pension Plans: A Six-Figure Tax Deduction for High-Income Business Owners

A cash balance plan lets a 55-year-old business owner deduct roughly $230,000 a year in retirement contributions — far above the 401(k) ceiling — because a defined benefit pension caps the retirement benefit, not the annual deposit, so limits scale with age rather than income.

Mike Thrift

tax-planningtax-deductionsretirement-planning

May 19, 202619 min read

Bookkeeping for Farmers' Market Vendors and CSA Subscriptions: Booth Cash, Deferred Revenue, EBT Tokens, and Schedule F

A practical bookkeeping playbook for direct-to-consumer farms — chart of accounts, CSA deferred revenue across a 20-week season, SNAP/EBT and Double Up Food Bucks token reconciliation, per-market cash workflows, and Schedule F line 25 Section 175 conservation expense treatment.

Mike Thrift

farmingschedule-frevenue-recognition

May 19, 202611 min read

The 0.5% AGI Floor on Charitable Gifts: Preserving Your Deduction in 2026 With Bunching, DAFs, and QCDs

Starting in 2026, OBBBA imposes a 0.5% AGI floor on itemized charitable contributions and caps top-bracket deductions at 35 cents per dollar. Bunching gifts, funding a donor-advised fund, and making qualified charitable distributions from an IRA recover most of the lost benefit for typical itemizing donors.

Mike Thrift

charitable-givingtax-planningtax-deductions

Start Free→Documentation