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 …

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 …

Save Tax By Giving Charities Appreciated Assets

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One of the special tax benefits you could consider is to give appreciated assets (stocks, real estate) to charity instead of writing them a check. Suppose you want to give your church or charity a special gift of $10,000. If you have a stock that you bought for $4,000 and it is worth $10,000 now, you might sell the stock …

Didn’t pay IRS on time? You could get money back

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The IRS is reviewed regularly by the Treasury inspector general for tax administration, also known as TIGTA. It was recently noticed that many taxpayers were charged penalties for failure to file on time and failure to pay on time — but those penalties should have been abated or canceled. The taxpayer needed to be compliant, have a history of filing …