Court Found IRS Was Wrong in Part – By John R. Bullis

Kim Pilant John's Articles

Robert Fiscalini owned his principal personal residence (his home) in California, but the mortgages from various re-financing and business problems were more than he could pay. He transferred the ownership of the home to his parents in a transaction that was part sale and part gift. The parents got a new mortgage with most of the funds used to pay …

Claiming Casualty Losses – By John R. Bullis

Kim Pilant John's Articles

Congress has special rules that apply when a loss results from a casualty like Harvey or Irma. Victims have more time to file their 2016 income tax returns-until Jan. 31, 2018. And they also have until Jan. 31, 2018 to pay the estimated tax payments due Sept. 15 and the following Jan. 16, 2018. Employers can help employees pay for …

Help A Charity, Save Tax – By Kelly J. Bullis

Kim Pilant Kelly's Articles

One of my readers asked me to talk about Charitable Gift Annuities. This just happens to be one of the best ways to invest your retirement savings in such a way that you get a reasonable guaranteed rate of return, much not taxable because you get a Charity Deduction up front and at your death, the remaining assets go directly …

Office in Home Deduction – By John R. Bullis

Kim Pilant John's Articles

With our economy like it is and with many folks operating a small business from their home, the income tax deduction for “Office in Home” can save some income tax. Form 1040, Schedule C is where the business income and expenses are reported for owners of a business that is not a partnership or corporation. The net income is subject …

Health Savings Account Briefly Explained – By John R. Bullis

Kim Pilant Uncategorized

The Health Savings Account is a wonderful thing! Contributions (that are qualified, or allowed) are an income tax deduction on page 1 of form 1040, whether Itemized Deductions on Schedule A are done, or not. And employers can contribute to an eligible person’s Health Savings Account. The employer contribution is not included in taxable income. But you do not need …

Non Tax Estate Planning – By John R. Bullis

Kim Pilant Uncategorized

Of course Estate Planning is done to minimize taxes and be sure the financial matters are done as desired. However, the planning for other than taxes is very important. Designating the best Trustee or Executor and possible successors is not easy, but extremely important to being sure the administration goes smoothly. As time goes by it might be important to …

We’ve Lost The Meaning of “Labor” Day By Kelly J. Bullis

Nancy Bullis Kelly's Articles

Ok!  My doctor says I gotta control my blood pressure better.  But when we get to certain holidays, the way the average mostly younger person just flippantly treats it as another 3-day weekend without celebrating it’s purpose, well, I need to go pop another pill! Labor:  Defined as “…productive activity, especially for the sake of economic gain.  Also, A body …

Life Insurance By John R Bullis

Nancy Bullis John's Articles

Life insurance can be great to provide benefits to the family, charities or others.  The death benefit is generally tax free! It is best to work with an experienced independent agent, in person.  Buying a policy over the internet may result in buying a policy that does not provide all the flexibility and benefits that would be best for you.  …

New Waiver of IRA 60 Day Replacement Rules – By John R. Bullis

Kim Pilant John's Articles

IRS Revenue Procedure 2016-47 gives information and guidance about waivers of the 60 day rollover requirement of IRA distributions.  You can print it out and use the model letter IRS provided. If you take a distribution from your IRA, 403(b), 457(b) or a qualified retirement plan, you can pay it back within 60 days and there is no tax on …