Buy Business Vehicle and Save Taxes – By John R. Bullis

Kim Pilant John's Articles

IF you need a business SUV, van or crossover vehicle AND you need more tax deductions for 2018: 1. Buy and place in service by Dec. 31, 2018 a new (or used) business vehicle (OK to have mostly business use with some personal use) and 2. Do a draft 2018 return to see how much you want or need more …

How’s Your Business Doing? – By Kelly J. Bullis

Kim Pilant Kelly's Articles

Its been almost 1 year since the new Trump Tax Law / economy took effect. Have you seen your business get more busy? Are you making a larger profit this year? Did you need to hire any new employees this year? Did you move to a larger location this year? Did you purchase some new equipment this year? Did you …

Divorces by Older Folks – By John R. Bullis

Kim Pilant John's Articles

Divorce rates for folks over age 50 are increasing. That leaves less time to adjust and recover both financially and emotionally. Older folks may have decided they don’t want to live the next 20 or more years with someone they don’t love. Sometimes they have just “grown apart” and want to do life differently. It is estimated about 80% of …

Tax Burden Still High For Top Earners – By Kelly J. Bullis, CPA

Kim Pilant Kelly's Articles

Well, for us tax preparers, another “Tax Season” is finally in the bag. October 15th was the big day. We’ve had fun showing all our clients what to look forward to with the new Trump Tax Law for 2018. Most business owners are already planning on how to hire new employees, purchase new business equipment, expand their facilities, give out …

Miscellaneous Deductions for Non-Grantor Trusts and Estates – By John R. Bullis

Kim Pilant John's Articles

Beginning in 2018, individual taxpayers do NOT get deductions for miscellaneous itemized deductions on Schedule A of form 1040. The Tax Cuts and Jobs Act of Dec. 22, 2017 eliminated those deductions for individuals. However, Trusts that are not Grantor Trusts for an individual still living (known as Non Grantor Trusts-Trusts for after the grantor’s death) and Estates are allowed …

Planning a Successful Retirement – By John R. Bullis

Kim Pilant John's Articles

The traditional retirement planning is not helping folks develop a written plan for non-financial aspects according to Robert Laura. Traditional planning is getting the Will and Power of Attorney forms with Trusts in some cases, all to reduce taxes and plan for distribution of assets. What is also important is to do a written retirement plan for non-financial aspects. He …