The Common Sense, CPA

A CPA who is just talking about some tax stuff to try and help you understand and save more money

[The Common Sense, CPA @CommonSenseCPA_]

The most common question I get asked is:

What service should I use to file my taxes?

I always recommend “FreeTaxUSA” to my friends and family. It's by far the most affordable option out there, and they don't hit you with constant upsells or hidden fees.

TurboTax and H&R Block often make you pay extra for nearly every form beyond a basic W-2, which can add up.

What tax filing platform do you use?

#taxes #finance #refund

[The Common Sense, CPA @CommonSenseCPA_]

@Kalshi This is right around what the average American makes a year. Crazy....

[The Common Sense, CPA @CommonSenseCPA_]

TurboTax commercial got me thinking last night…

The tax prep industry makes billions and the more complicated they make taxes feel, the more people think they need expensive software.

Just a reminder that most simple returns do not need anything fancy.

The cheapest software I have found is TaxFreeUSA. Use it or find something else cheaper.

Do not assume you need to overpay.

#taxes #superbowl #TaxFreeUSA #refund

[The Common Sense, CPA @CommonSenseCPA_]

The most common question I get asked is:

What service should I use to file my taxes?

I always recommend “FreeTaxUSA” to my friends and family. It's by far the most affordable option out there, and they don't hit you with constant upsells or hidden fees.

TurboTax and H&R Block often make you pay extra for nearly every form beyond a basic W-2, which can add up.

What tax filing platform do you use?

#taxes #finance #refund

[The Common Sense, CPA @CommonSenseCPA_]

🚨🚨VA new proposed taxes🚨🚨

There are 50+ NEW tax ideas currently being debated, proposals only, not law (yet).

See some below:

1. Rideshare tax: 4.3% extra on all Uber/Lyft trips, up to 6.2% in NoVA.

2. Delivery tax: New sales tax on Amazon, Uber Eats, FedEx & UPS

3. Dog walking tax: Tax everyday dog walker services.

4. Gym/health club tax: Fitness memberships taxed

5. Dry cleaning & laundry tax: Previously exempt services

6. Home repair & landscaping tax: Contractors and yard work

7. Event & concert tax: Higher taxes on entertainment tickets

8. Gun & ammo tax: Firearms and bullets

9. Net investment income tax: +3.8% on capital gains, dividends & interest (starting 2027)

10. Personal property tax: Electric lawn equipment like leaf blowers

Which one do you think is the worst?

#Tax #Virginia #Policy #CPA #CommonSense

[The Common Sense, CPA @CommonSenseCPA_]

1099s are due today. Did you receive yours from your employer if you are a freelancer?

#tax #investing #tip

[The Common Sense, CPA @CommonSenseCPA_]

As a baseball fan, I am sure you have seen Shohei Ohtani massive deferred salary of $600 million in 2027.

Many people question why he is doing this.

Simple: He will move to a state with no income tax

He will save millions instead of owing the state of California this money when he gets paid out.

Taxes matter, even for MLB stars.

#MLB #ShoheiOhtani #Taxes #FinancialStrategy #NoIncomeTax #MoneyMoves #FinanceTips

[The Common Sense, CPA @CommonSenseCPA_]

What is the #1 thing businesses use to save money on taxes.

Bonus Depreciation

If you buy business property, equipment, furniture, even certain building improvements, you can deduct 100% of the cost immediately instead of spreading it over years.

Why it matters:

- Lowers taxable income this year
- Frees up cash flow for growth
-Applies to new & used assets (under current law)

For example:

You Buy $50,000 of equipment → deduct it all in year 1 instead of over 5–7 years.

This is the #1 thing businesses use to have a lower tax bill every year and how some businesses pay $0 in tax.

#BonusDepreciation #TaxStrategy #SmallBusiness #Accounting #FinanceTips #CPATips #TaxPlanning

[The Common Sense, CPA @CommonSenseCPA_]

Just shopped around for car insurance, same policy limits:

- Progressive: $95/mo
- Geico: $117/mo
- Allstate: $165/mo
-Statefarm: $170/mo

Crazy how different it can be. I went with Progressive. Make sure you shop around.

Who do you do yours through?

#cars #progressive #insurance #Money

[The Common Sense, CPA @CommonSenseCPA_]

@WatcherGuru This is why diversification is so important!

[The Common Sense, CPA @CommonSenseCPA_]

📊 IRS Audit Rates

Overall audit rate: Only 0.2–0.4% of individual tax returns get audited which is about 2–4 audits per 1,000 returns.

By income:

• <$25k – 0.3–0.4%
• $25k–$50k – 0.2–0.4%
• $50k–$500k – 0.1–0.2%
• $500k–$1M – 0.6%
• $1M–$5M – 1.1–1.6%
• $5M–$10M – 3.1%
• >$10M – 8.4%+ (much higher risk)

Overall: audits are rare overall, but income & complexity drive your odds.

#Taxes #IRSAudit #TaxTips #Finance #MoneyTips #TaxStrategy

[The Common Sense, CPA @CommonSenseCPA_]

@CoachDanGo Stopped caring what other people think. Saved a lot of money this way. You do you

[The Common Sense, CPA @CommonSenseCPA_]

On average a DoorDash user orders 2 times a week! 🚨🚨

This is a problem! Many people who cannot afford to do this spend money instead of cooking at home or going to get it themselves.

The best way to save is NOT DoorDash!

How many times do you doordash a month?

#doordash #financial #market #spending

[The Common Sense, CPA @CommonSenseCPA_]

How many billionaires live in your state?

Even with highest income tax the most live in California.

[The Common Sense, CPA @CommonSenseCPA_]

Ever wondered which states have the most income tax vs the states that have none?

Highest Income Tax Rates:

California – 13.3%
Hawaii – 11%
New York – 10.9%
New Jersey – 10.75%
Oregon – 9.9%
Minnesota – 9.85%
Massachusetts – ~9%
Vermont – 8.75%

No Income Tax:

Alaska – 0%
Florida – 0%
Nevada – 0%
South Dakota – 0%
Tennessee – 0%
Texas – 0%
Washington – 0%
Wyoming – 0%
New Hampshire – 0%

[The Common Sense, CPA @CommonSenseCPA_]

Have you ever heard what a Mega Backdoor Roth is?

It allows you to put $40,000+ per year into a Roth 401(k) which is way beyond the normal Roth limits.

Here is how it works:

- Your 401(k) allows after tax contributions
- You contribute after tax money on top of the standard $22,500 limit
- Then you roll it into a Roth (401k or IRA)
- Money grows tax free forver

Sadly not every employer allows this, but if yours does, it is one of the most powerful wealth building moves you can make.

#MegaBackdoorRoth #RetirementPlanning #TaxStrategy #Investing #Roth401k

[The Common Sense, CPA @CommonSenseCPA_]

My core philosophies to build real wealth:

1. Spend less than you make
2. Invest in ETF or S&P 500
3. Pay little taxes through strategy (tax-efficient investing, harvesting)
4. Invest for long term

That’s it. Nothing big. Just discipline + time = wealth. 📈

#Investing #PersonalFinance #FinancialFreedom #TaxStrategy

[The Common Sense, CPA @CommonSenseCPA_]

Look at what’s happened since the 2000s:

- Dot com crash
- 2008 financial crisis
- 2020 global pandemic
- Countless 10–15% market drops (tariffs, rate hikes, fear cycles)

And still the S&P 500 has averaged around 10% annual growth.

The lesson is simple:

Invest, Invest, Invest.

#investing #tax #finance