🇺🇸 UPDATE: Bitcoin Policy Institute urges changes to US tax rules that treat all Bitcoin payments as capital gains. https://t.co/ooPiKyDMcO ...

Core Viewpoint - The perception that forming a limited liability company (LLC) allows individuals to deduct personal expenses is misleading, as tax professionals emphasize that personal spending cannot be converted into business deductions through an LLC [1][2][3]. Tax Regulations and LLCs - The IRS treats a single-member LLC as a "disregarded entity," meaning the business and the owner are considered the same for tax purposes, and personal expenses remain non-deductible [4]. - To qualify for business expense deductions, expenses must be "ordinary and necessary" for a legitimate trade or business, which excludes personal expenses like groceries and mortgage payments [4][5]. - Section 179 of the tax code allows certain business assets, including vehicles, to be expensed in the first year, but strict requirements apply, such as the vehicle being used over 50% for business [5]. Misleading Tax Strategies - Viral tax "hacks" circulating online, such as hiring children to fund a Roth IRA or writing off personal bills through an LLC, may have some basis in tax rules, but the specifics are crucial [6]. - Legitimate hiring of children for tax purposes requires that the work is real, age-appropriate, and reasonably compensated, contrasting with questionable practices like paying young children for non-existent modeling work [7].

With age-old myths still puzzling American filers, there are several new tax rules, too. We're actually coming from President Trump's big, beautiful bill. Emma Aerman joins me to unpack what you need to know before your taxes are due on April 15th. Emma, what do I need to know.>> A lot. I mean, filing your taxes has never been accused of being easy, but like you said, with the passage of the One Big Beautiful Bill Act last year, there are a lot of new provisions to consider. Um, so some of those can, you kn ...

The One Big Beautiful Bill Act signed in July significantly changed the tax rules for charitable gifts, making it likely that more taxpayers can benefit, but imposing new limits on others.Read more: https://t.co/2t7SdEK05q https://t.co/hW5slxyxjE ...