A lot of the IRS tax code was overhauled at the beginning of 2018, and that’s where BollitProof comes in. Founder and Tax Architect Randall Scott Boll has perfected bringing the best strategies to our members through videos, articles, podcasts, social media and the like. If you’re an entrepreneur searching to improve your knowledge base,Continue reading Randy Boll’s All-Time TOP 3 TAX TIPS For Entrepreneurs
How do we ultimately win the game and legally pay the least amount of taxes to the IRS? According to BollitProof’s founder, Randall Boll, it’s all about your deductions. “We all know that if the IRS has an opportunity to find a crack, they will open it up into a canyon,” says Randall Boll, “andContinue reading The Entertainment Deduction Is Dead But There Is A Silver Lining!
Did you know that if you took the IRS Tax Code, printed it out, and stacked it up, it would be the equivalent of 45 King James Bibles high? The actual code is only about 2,600 pages, but according to world-renowned tax expert Randall Scott Boll, there are another 70,000 pages of explanations of correspondingContinue reading How The IRS Wins Against You?
Many people turn away from deducting a home office because they fear it’s a “red flag” for the IRS. However, as long as you follow good business practices and BollitProof’s innovative tax strategies, you can rest assured that you’re getting the most out of your home workspace without being subjected to any additional scrutiny. AContinue reading Getting The Most Out Of Your Home Office At Tax Time
So, you work for yourself, but the IRS doesn’t tax you as a business owner. You are self-employed and taxed as such. Did you realize there are huge tax advantages to owning your business? “Just by forming an LLC (A Limited Liability Company) and filing as an S-Corporation” says leading tax expert Randall Boll, “theContinue reading Are you being taxed like a business owner?
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCsContinue reading LLC Refresher
With the COVID-19 experience, you and your partners may be doing a lot of work from home or even working from home primarily. You might be wondering, is the home-office deduction in the mix? If you operate your business as a partnership, you have two ways to correctly deduct your home- office expenses. If youContinue reading Home Office Expense – COVID
As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. Hopefully, in this next package they will include a provision allowing you to deduct business expenses you pay with your PPP money. Let me explain – in the CARES Act, Congress said: For purposes of theContinue reading Raise Hell PPP Loan
From March 21 to April 25, 30.3 million people filed for unemployment tax. What measures are put in place to help us during a time of crisis? The first relief effort that came out is called the CARES Act Package. CARES Act stands for Coronavirus Aid, Relief, and Economic Security Act. This Act included $560Continue reading The CARES Act and COVID-19
The Tax Cuts and Jobs Act created a brand new, seemingly uncomplicated deduction called the Qualified Business Income deduction. In theory, this new tax deduction should be a simple 20% deduction that business owners receive on their qualified business income. Assuming the business owner stays below the phase out threshold, they’ll get to enjoy theContinue reading QBI’s and How to Implement Them in Your Business