Common Tax Myths - XOATAX Site3 - Network Admin

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Watch Out for These Tax Myths

Common Tax Myths, Tax PlanningNovember 7, 20240Comments

Navigating the complexities of the U.S. tax system can be challenging, especially with the prevalence of misconceptions that may lead to costly errors. As your trusted advisor, XOA TAX is here to debunk some prevalent tax myths and provide clarity for the 2024 tax year. Key Takeaways Not all retirement income is tax-free. Gambling winnings…

The $1 Salary Myth: Do CEOs Really Avoid Taxes?

Common Tax Myths, Business Tax, Tax PlanningOctober 31, 20240Comments

It's a popular notion that savvy CEOs can dodge taxes entirely by taking a $1 salary and receiving the rest of their compensation in stock options. While this strategy offers certain tax advantages, the reality is much more nuanced. Let's break down the complexities of CEO compensation and taxation to separate fact from fiction. Key…

Can I Write Off Alcohol as a Business Expense? (Hint: It’s Not as Easy as You Think!)

Common Tax Myths, Business TaxOctober 31, 20240Comments

We recently came across an interesting question on Reddit: Can a self-employed live streamer write off alcohol purchased at bars while streaming? The streamer argued that since they wouldn't be drinking if they weren't working, the alcohol was a necessary business expense. This raises an important point about what qualifies as a deductible business expense…