MEDICAL EXPENSES By John R. Bullis

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Some folks ask “just what is a medical expense” that I can deduct for income taxes? Medical expenses eligible to be deducted as itemized deductions on Schedule A of your form 1040 include amounts paid for the diagnosis, cure, mitigation, treatment or prevention of disease, or paid for the purpose of affecting any structure or function of the body. Medical …

CONSIDER STOCKS THAT PAY DIVIDENDS By John R. Bullis

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With the low interest earnings on Money Market, Checking and Savings Accounts, consider purchasing stock in some good, big, quality companies that pay dividends. Your stockbroker can give you a list of companies that pay more in dividends then you are earning in interest and you have a chance the stock will increase in value over time. An example is …

End of Year Tax Planning by Kelly J. Bullis

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Well Howdy folks!  I sincerely hope you all had a GREAT Thanksgiving!  We do have so much to be thankful for. One of the things I am thankful for is that we have finished updating all our office computers operating system to a newer version of “doors” (not the real name to protect the innocent).  I haven’t noticed any improvement …

INSTALLMENT SALES ARE USEFUL By John R. Bullis

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INSTALLMENT SALES ARE USEFUL By John R. Bullis Installment sales are a useful tool in solving a number of problems such as business continuation, income tax deferral on transfer of appreciated assets and estate and gift tax management. As you probably know, an installment sale is a seller-financed, deferred-payment sale that allows a deferral of the taxable gain recognized by …

INSTALLMENT SALES ARE USEFUL By John R. Bullis

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INSTALLMENT SALES ARE USEFUL By John R. Bullis Installment sales are a useful tool in solving a number of problems such as business continuation, income tax deferral on transfer of appreciated assets and estate and gift tax management. As you probably know, an installment sale is a seller-financed, deferred-payment sale that allows a deferral of the taxable gain recognized by …

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 …