Tax Myth Busters Don't Fall Prey to These Tax Misconceptions

Five million new businesses were created last year - a 42% increase from pre-2020 levels. While this surge has the power to propel millions of Americans forward, it also has the potential to shatter the American dream because of two simple words: tax troubles.

Yes, the tax code can be overwhelming and complex. But, the bigger issue is when uninformed social media influencers make wildly outrageous tax claims and give very bad advice that can lead to very serious consequences for millions of Americans.

Some of the myths and misinformation we bust:

• Become an Influencer and Deduct Everything!
• Start an LLC to Make Everything Tax Free!
• No Tax Forms? Your Income Isn't Taxable!
• Not My Fault. TikTok Told Me I Could Do It!

"TAX MYTH BUSTERS DON'T FALL PREY TO THESE TAX MISCONCEPTIONS: EXPOSING THE TRUTHS ABOUT THE TOP TAX MYTHS offers practical guidance that busts the most prevalent myths and provides readers with accurate, up-to-date information from real tax experts and financial leaders. We simplify the daunting world of taxes and give entrepreneurs the right tools to make informed and accurate financial decisions so that they can take advantage of all the best tax saving strategies while keeping them in compliance with tax laws and regulations, and on their way to building their dream business.

LEARN FROM THESE SUBJECT MATTER EXPERTS

Lily Tran, EA, CTP

Duke Alexander Moore, EA

Al Leruth, MBA, MAcc, EA, CPA, CMA

Jessica Smith, EA

Matthew Gaylor, EA, CTP

Jamie O'Kane, CPA, CTC

Janet Sienicki, EA, ABA

Fred Stein, CPA, EA

Lily is the Founder of TaxUSign(R)-providing virtual tax help for whatever life throws at you(TM). Lily is part of an elite group of tax professionals licensed by the IRS as an Enrolled Agent (EA), a federal program authorizing her to represent taxpayers before the IRS when it comes to audits, collections, and appeals. She's a Certified Tax Coach and a Certified Tax Planner (CTC, CTP), as well as an NTPI Fellow. Lily is a graduate of the University of Washington and has nearly two decades of experience in accounting, tax, and advisory services. She is a member of the National Association of Enrolled Agents, past Director of Washington State of Enrolled Agents, and past Treasurer of Washington State Tax Consultants. She has been featured in Forbes, Bloomberg Tax and Accounting, and SUCCESS Magazine. She is also a co-author of several other tax books, including The Most Common Tax Mistakes Made by Small Businesses and Business in aBox: How to Get Tax Compliant & Financially Fit in Your Small Business. Lily enjoys living in the Pacific Northwest with her family.

Duke Alexander Moore is a respected tax professional and content creator with well over 3.4 M followers across all social media platforms and has been featured in major publications such as CNN and Good Morning America for his savvy and easy-to-understand tax advice. In 2018, after becoming an EA, he set up his own accounting firm, assisting small business owners and entrepreneurs with taxes and bookkeeping. In 2020, with the aid of a popular TikTok account, DukeTax saw huge growth and now looks after around seven hundred clients. As his business grew, Duke noticed that most firms don't understand content creator taxes. Being a content creator himself he decided to transform his firm to focus primarily on content creators and entrepreneurs.

Jessica L. Smith, EA is a speaker and educator with more than a decade of experience helping small business owners overcome their tax problems and leveraging the federal tax code to save thousands in income taxes. As an Enrolled Agent, she has earned the privilege of representing taxpayers before the Internal Revenue Service. She is a candidate for admission to practice before the United States Tax Court as a non-attorney. She is a member of the National Association of Enrolled Agents, the National Association of Tax Professionals, and the Idaho Association of Tax Consultants. Jessica earned a Bachelor of Science in Accounting, summa cum laude from California College. Jessica's practice focuses on implementing tax reduction strategies and representing taxpayers before the Internal Revenue Service. In 2022, she founded The 100K EA where she guides enrolled tax practitioners through the ins and outs of resolving complex tax problems.