Did you know the fact your personal home is not your tax home is an income tax issue? How about this: business travel is different from business transportation. Confused yet? Don’t worry, I’m here to clarify! Your tax deductions, tax strategies, and tax records hinge on these federal income tax–defined terms: Personal home TaxContinue reading Tax Home vs. Personal Home
If you didn’t issue Form 1099s to your contractors, don’t freak out! I’m here to help. Since you failed to file From 1099s, the IRS is probably auditing your tax return. The auditor is claiming you lose your deductions because you didn’t issue the Form 1099s. Is this correct? You’ll be happy to hear theContinue reading Failure to File
Have you ever been told by an accountant, or anyone for that matter, you should only open an LLC if you have over a certain amount of money? Well, I’m here to tell you that’s bogus. It might as well be malpractice. I’m going to give you two basic points about having an LLCs andContinue reading Why and When for LLCs?
I want to talk to you about one of the most important BollitProof philosophies: He or she who has the longest time horizon wins. What does this mean? This might seem really simple; longer is better, bigger is better, more is better. This is not what I’m referring to. Think about the poor financial decisionsContinue reading Time Horizon: A BollitProof Philosophy
You know what sucks? IRS penalties. If you’re a business owner you know what I mean. Thankfully there are many strategies you can use to potentially defeat an IRS penalty, and I want to share them with you. Because of a recent court case, there’s a new way to beat an IRS penalty that hasContinue reading Tax Penalties: How to Stay on Top
I want to talk about something that could seriously affect your mortgage. So if you are a homeowner, pay special attention to what I’m about to tell you. The Tax Cuts and Jobs Acts changed how much you can deduct in mortgage interest for tax years 2018-2025. Here’s the breakdown: You no longer can deductContinue reading Mortgage Interest
When the tax season comes around, you will often see people crossing their fingers and whispering a silent prayer that they will receive a refund. The sad truth is few are doing so. We can all relate to the feeling though. The tax code (and IRS customer service) are intimidating, so most people leave theContinue reading Trust Situs
Have you heard that your entity election has a 21 percent tax rate for C Corporations? This certainly makes C Corporations an attractive option if you’ve been paying nearly 40 percent in the past. This is the case when you find yourself as an “out-of-favor” group for the 20% 199A deduction. Take a look atContinue reading Would you Rather: C Corp or S Corp?
Thanks to the Post Tax Cuts and Jobs Act, your travel meals continue to be tax-deductible meals subject to the 50% cut. The good news is Tax Reform didn’t change your other travel expense deductions. The beauty of being in business for yourself is the ability to pick your travel destinations while deducting your travelContinue reading Deducting Your Travel Expenses
The tax reform, known as the Tax Cuts and Jobs Act (TCJA), recently added some benefits to both your residential and commercial real estate rentals. Did you know your qualified business income from your real estate rentals creates a possible 20% tax deduction with no effort on your part? And if you want less taxableContinue reading All About Rentals