MINISTER HOUSING ALLOWANCES by John R. Bullis

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Congress has special tax rules for ministers and clergy.  Internal Revenue code section 107 provides “…gross income does not include, in the case of a minister of the gospel, the rental allowance paid to him as part of his compensation, to the extent used by him to rent or provide a home….” That means a proper housing allowance is not …

How to Kill A Recovery

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Did you know that the Small Business and Entrepreneurship Council has ranked Nevada as the 3rd best tax system for business in the U.S.?  They also ranked California as 45th! Perhaps some folks don’t understand the big difference between Nevada and California.  It’s really quite easy.  Less regulation and lower taxes.  In California, business is treated as the “enemy” and …

ANOTHER IRS BAD APPLE by John R. Bullis

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Of over 90,000 IRS employees there are bound to be a few “bad apples” that act wrongfully.  Most IRS employees are hard working, dedicated, intelligent and professional folks that do a lot of good work under very difficult circumstances. The FBI and the Treasury Inspector General for Tax Administration (TIGTA) investigated and the U.S. Attorney Office prosecuted Jeanne L. Gavin …

Open House And NevadaDay Celebration Event

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Join us as we celebrate Nevada Day and the Grand Opening of COUNTRY Financial Agent: Jim Gray’s new office Enjoy a night of Beer Tasting, Live music by Jack Di Carlo, Horsd’Oeuvres and an open tour of the Bullis & Company CPAs office along with our fellow tenants (including wonderful organizations like ” Feeding Pets of the Homeless“) If you …

U.S. CORPORATIONS USE IRELAND TO SAVE INCOME TAX by John R. Bullis

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It has been going on for several years.  U.S. corporations have subsidiaries in Ireland and report big profits there.  The basic tax rate for corporations in Ireland is only 12.5% while the U.S. corporation maximum tax rate is 35%. A recent analysis by Reuters shows more than 40% of the biggest corporations (top 500) have registered subsidiaries in Ireland. Apple …

Big Deductions For Buying New Heavy SUV For Business Use by John R. Bullis

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Congress is very open handed with the tax deductions for business owners that buy a new, heavy SUV before the end of the year. The combination of Section 179 expensing election, bonus depreciation and regular depreciation is powerful in getting big 2013 income tax deductions for business owners. For example, suppose Bill bought a new SUV for 100% business use …

Big Deductions For Buying New Heavy SUV For Business Use by John R. Bullis

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Congress is very open handed with the tax deductions for business owners that buy a new, heavy SUV before the end of the year. The combination of Section 179 expensing election, bonus depreciation and regular depreciation is powerful in getting big 2013 income tax deductions for business owners. For example, suppose Bill bought a new SUV for 100% business use …

REAL ESTATE PROFESSIONALS NEED A LOG OF TIME SPENT FOR RENTAL LOSS by John R. Bullis

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Peter Hofinga and his wife Margaret Wong lost their U.S. Tax Court case to deduct rental losses on their returns.  They did not prove he spent 750 hours a year working on the real estate rental activities.   They owned eight rental properties in 2006 and nine rental properties in 2007.  They made the election for federal income tax purposes …