Consider Filing an Amended Return – By John R. Bullis

Kim Pilant John's Articles

If you filed your U.S. Individual Income Tax Return for 2016 and now you realize it is not correct, consider filing an Amended Return on form 1040X. With all the special rules and the difficulties in gathering all the tax information, it is not unusual for a return to not be quite correct. Perhaps you received a ‘corrected’ form of …

Consider Taking Some Capital Losses – By John R. Bullis

Kim Pilant John's Articles

If you make 100 decisions, it is not reasonable to expect all of your decisions to be good ones. If you make investments, it is possible some of them will turn out to not be winners. If you have a stock that is worth less than you paid for it, you could consider selling it before the end of the …

Thoughts on Proposed Tax Law Changes – By John R. Bullis

Kim Pilant John's Articles

Will Congress change the tax laws? When will they send the proposed changes to the President? Will he sign it and have the laws changed? I don’t know, but perhaps you should not ‘hold your breath’ waiting for it to happen. Of course the tax laws are too complicated and it is too expensive to prepare the returns. I think …

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 …

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 …

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 …