It may have been said that someone can have too much “salt” in their diet and a restriction is the best medical step for recovery or prevention of diseases. However, in tax planning, a restriction on SALT is one of the biggest hits to taxpayers. In tax planning, SALT actually refers to “State and LocalContinue reading Too Much SALT? Never in Tax Planning
Leveraging a C Corp and a Land Trust to Beat S.A.L.T
The State and Local Tax (SALT) deductions have a cap of $10,000. We want to teach you how to leverage both your C Corp and a land trust in order to beat that cap. Keep in mind, a “C Corporation” causes double taxation for business owners. Because of this, most people avoid it like theContinue reading Leveraging a C Corp and a Land Trust to Beat S.A.L.T
Tax Brackets
Currently there are seven tax brackets ranging from 10% to 37%. The dollar amounts that define these brackets change depending on varying factors. These factors include whether or not you are a single filer – or are you married? Filing jointly or separately? Are you the head of your household? The brackets vary depending onContinue reading Tax Brackets
Tax Codes: The Fundamentals
It is so important to understand the ins-and-outs of tax codes. The tax code for The United States is known as a Progressive Tax Code. This means you’re taxed on the money you make at a certain rate based on the amount of money you make. Let’s talk about income tax. Income Tax is theContinue reading Tax Codes: The Fundamentals
BollitProof and Unveiled Introduction
Allow us to introduce ourselves! Hi, we’re BollitProof and Unveiled. We’re not your regular, run-of-the-mill educational organization. Typically with the educational industry, they want to come in and sell you a product. Once that happens, they feel their job is done – they’re out. That’s not our intention. Have you ever heard of the JapaneseContinue reading BollitProof and Unveiled Introduction
Three Parties To A Trust
When you hear the word “trust” how does it make you feel? Do you get a little nervous and start questioning the intricacies of this complex topic? Well, I’m here to tell you, it’s not as complicated of a concept as you might think. Let me break it down for you. There are three partiesContinue reading Three Parties To A Trust
Revocable VS Irrevocable
If you’ve ever looked at a trust document, you probably have seen the terms “revocable” and “irrevocable” trusts. Just so you know, 100% of trusts are either revocable or irrevocable. So what do they mean? Quite simply put, a revocable trust is a changeable trust. it’s easy to dissolve and move assets in and outContinue reading Revocable VS Irrevocable
Three Types of Trusts
I’m going to paint a picture for you. You’re meeting with an attorney who turned over a trust document to you and you’re overwhelmed. You’re met with all these big legal words that make zero sense to you. I’m talking words like “grantor,” “non-grantor,” “irrevocable”… Seeing all these confusing terms, well, that can be aContinue reading Three Types of Trusts
Captive Insurance
I get asked about captive insurance companies all the time. This can be a great option to add to your practice if done the right way. So let’s start off with a quick overview. First, a captive is a property and casualty insurance company. Think of it as your own personal State Farm. Let’s justContinue reading Captive Insurance
Cost Segregation Study
I want to talk to you about how cost segregation studies can help you in your business. But, before we get into this, I want to backtrack a bit. Let’s talk about depreciation. Simply put, depreciation is the “useful life” of something. Just about everything can be depreciated: computers, furniture, cars, rental properties, and soContinue reading Cost Segregation Study