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 …

ROTH IRA Conversions Using Planning – By John R. Bullis

Kim Pilant John's Articles

You can convert your regular IRA to a ROTH IRA. The value converted is taxable income.  If the value goes down after conversion, you can change your mind and cancel the conversion if you do it by Oct. 15th of the year following the conversion. It is called Cherry Picking that gives you the ability to convert to several ROTH …

What if My Stock Investment is Worthless – By John R. Bullis

Kim Pilant Uncategorized

Once in a while a stock or bond you bought has big problems and becomes worthless. A security (stock or bond) that becomes worthless during the year is treated (and reported on your tax return) as if it were sold on the last day of the year. The definition of worthless means the stock or bond has no value or …

Selling a Stock to Reduce Your Income Tax By John R. Bullis

Nancy Bullis John's Articles

No one I know makes 100 decisions and finds all 100 were right or good decisions.  We all make mistakes. If you purchased a stock say for $10,000 and the value has gone down to $6,000, maybe you should consider selling it to recognize a capital loss. Capital losses are deductible first against any capital gains (both short term and …

Death Tax Planning – By Kelly J. Bullis

Kim Pilant Kelly's Articles

Most folks think what I’m to talk about is also known as Estate Planning. Far from it! On a regular basis, we see carryover items on a decedent’s tax return that are lost at their death. With a little planning, these can be taken advantage of and save some significant taxes. I think the number one item is Capital Loss …

Your Surprise IRA Beneficiary – By John R. Bullis

Kim Pilant Uncategorized

Saving for your retirement and possible bequest to family and friends is good to do! Many folks have an Individual Retirement Account (IRA) that is a major part of their retirement savings. Your IRA has designated beneficiaries.  Usually you during your lifetime, you will take the distributions from the IRA.  If you are age 70 ½, you must take a …