#tax-deductions

Tax Deductions

Maximize tax deductions and reduce your tax liability legally

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July 10, 20269 min read

Self-Storage Cost Segregation and 100% Bonus Depreciation: A 2026 Owner's Guide

Cost segregation studies routinely move 16–24% of a self-storage facility's purchase price off the 39-year schedule into 5- and 15-year property. With 100% bonus depreciation permanently restored by the OBBBA for property placed in service after January 19, 2025, a $1 million acquisition can produce roughly $200,000 in first-year deductions — about $74,000 in tax savings at a 37% rate. Here's how the studies work, what they cost, and the recapture math to run before selling.

Mike Thrift

cost-segregationbonus-depreciationdepreciation

July 10, 20269 min read

Substack Newsletter Taxes 2026: A Creator's Guide to Schedule C, 1099-Ks, and Quarterly Payments

Substack newsletter creators are self-employed under IRS rules, owe 15.3% self-employment tax on net profit via Schedule C, and receive a 1099-K only above $20,000 in gross payments and 200 transactions — though all income must be reported regardless.

Mike Thrift

self-employment-taxtaxfreelance

July 9, 20269 min read

Disc Golf Course Bookkeeping: Deferred Revenue, Depreciation, and Pro Shop Margins

Disc golf courses run four businesses in one — real estate, retail, memberships, and events — and each needs separate accounting for deferred membership revenue, 15-year land improvement depreciation, and pro shop cost of goods sold.

Mike Thrift

small-businessbookkeepingaccrual-accounting

July 9, 20269 min read

Driving School Bookkeeping: Deferred Revenue, Dual-Control Vehicles, and the 1099 Question

A $650 prepaid lesson package is a liability, not revenue, until the lessons are delivered. How driving schools handle deferred revenue, choose between Section 179 (up to $12,200 for light vehicles, $32,000 for 6,001–14,000 lb GVWR in 2026) and standard mileage on dual-control cars, classify instructors as 1099 or W-2 under the IRS three-factor test, budget for state surety bonds ($2,000–$50,000), and track the two KPIs — revenue per vehicle-hour ($70+ target) and instructor utilization (75–85%) — that predict margins.

Mike Thrift

bookkeepingsmall-businessrevenue-recognition

July 9, 20268 min read

Mobile Detailing and Ceramic Coating Bookkeeping: Pricing, Warranties, and Section 179

Mobile detailing and ceramic coating businesses should track material costs separately (typically 4-9% of revenue), record coating warranties and membership plans as deferred revenue until service is delivered, and can deduct up to $32,000 in 2026 under Section 179 on service vans between 6,001-14,000 lbs GVWR.

Mike Thrift

mobile-detailingsmall-businessbookkeeping

July 9, 202611 min read

Why Voiceover Artists Have the Weirdest Bookkeeping in the Gig Economy

Voiceover income mixes 1099s, direct payments that never generate a tax form, 10% agent commissions on some income but not all, and residuals that arrive years after the session. How voice actors handle Schedule C reporting, the §280A exclusive-use home studio deduction, 100% bonus depreciation on mic and booth gear, multi-state tax exposure, and the one KPI — booked hours per audition — that shows whether the business works.

Mike Thrift

bookkeepingself-employmentfreelance

July 9, 202610 min read

Bookkeeping and Taxes for Voiceover Artists: A Complete Guide

Independent voice actors owe 15.3% self-employment tax on net Schedule C profit, can deduct a home studio under the exclusive-use test, and may owe nonresident state tax returns on residual income sourced to states they never visited.

Mike Thrift

self-employment-taxself-employmentfreelance

July 8, 20269 min read

Cash Balance Plans: How Business Owners Save $200,000+ a Year Beyond a 401(k)

A cash balance plan is an IRS-qualified defined benefit plan that lets business owners 45 and older stack $75,000 to $290,000 in additional pre-tax retirement contributions on top of a 401(k), with the trade-off being a required multi-year funding commitment and $2,000-$4,000 in annual actuarial administration costs.

Mike Thrift

retirement-savingstax-planningtax-deductions

July 8, 20269 min read

Bookkeeping for Private Music Teachers: Deferred Revenue, Home Studios, and Quarterly Taxes

Independent music teachers who collect payment directly from students run a Schedule C business subject to 15.3% self-employment tax, must book prepaid lesson packages as deferred revenue rather than income, and face a new $2,000 1099-NEC threshold starting in 2026.

Mike Thrift

self-employment-taxaccrual-accountingtax-planning

July 8, 20268 min read

Lease vs. Buy Equipment in 2026: Section 179, Bonus Depreciation, and Total Cost of Ownership

With 100% bonus depreciation permanently restored for equipment placed in service after January 19, 2025 and a $2,560,000 Section 179 cap for 2026, the lease-vs-buy decision now hinges on total cost of ownership, cash flow timing, and how long you'll actually keep the equipment — not just which option gets the bigger write-off.

Mike Thrift

leasestax-deductionstax-planning

July 8, 202610 min read

On-Demand 3D Printing Service Bookkeeping: True Costs, Failure Rates, and Depreciation

Filament is only 20-30% of what a 3D print actually costs - machine depreciation, a 2-25% failure rate, and labor make up the rest, and Section 179 combined with 100% bonus depreciation under the OBBBA can let a print-for-hire shop deduct a new printer's full cost in the year it's purchased.

Mike Thrift

3d-printingsmall-businessbookkeeping

July 8, 20269 min read

Section 174A Explained: How OBBBA Restores Immediate R&D Expensing for Software Companies

The One Big Beautiful Bill Act's Section 174A permanently restores immediate tax deduction of domestic software development and R&E costs for tax years beginning after December 31, 2024, reversing the five-year amortization rule that had strained small tech companies' cash flow since 2022.

Mike Thrift

taxtax-planningtax-deductions

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