CHILD TAX CREDIT SCAM IN ISRAEL By John R. Bullis

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IRS has discovered false claims for child tax credits for returns filed by U.S. citizens that live in Israel.  It may involve tens of millions of dollars. The child tax credit can be $1,000 for each child who is not age 17 at the end of the year.  The child must be either a U.S. citizen, national or resident of …

IRA ROLLOVER RULES By John R. Bullis

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If you have an Individual Retirement Account (IRA), you can withdraw some or all of the money anytime you desire. However, if you are younger than age 59 1/2, there may be a penalty of 10% for “early withdrawal”. The amount you withdraw will also be taxable income in almost every instance. Congress set a rule that allows you to …

SOME THOUGHTS ON SOCIAL SECURITY By John R. Bullis

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I recently went to a special seminar on Social Security. The speaker was a retired manager with 35 years of experience working at the Social Security Administration. He went through the details of how the various benefits are computed, etc. but his observations were interesting. Some of the information will not be new to you, but it is still interesting: …

CHARITY TAX DEDUCTIONS By John R. Bullis

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Giving your church or favorite charity is a wonderful thing to do. Getting income tax savings helps, but that is not really why you give them your time and treasure. The stock market has been very good, most stocks moving up in price. If you have some stocks or mutual funds that have increased in value since you purchased them, …

CHARITY TAX DEDUCTIONS By John R. Bullis

ian John's Articles

Giving your church or favorite charity is a wonderful thing to do. Getting income tax savings helps, but that is not really why you give them your time and treasure. The stock market has been very good, most stocks moving up in price. If you have some stocks or mutual funds that have increased in value since you purchased them, …

DOCUMENTING VEHICLE EXPENSES By John R Bullis

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David H. Garza had vehicle expenses disallowed because he did not keep adequate records and evidence as Section 274(d) and the related regulations require. He did not record the amount, time and business purpose of each business use of his truck. He worked as an outside sales representative for Time Warner Cable. He claimed the vehicle expenses as employee business …

DOCUMENTING VEHICLE EXPENSES By John R Bullis

ian John's Articles

David H. Garza had vehicle expenses disallowed because he did not keep adequate records and evidence as Section 274(d) and the related regulations require. He did not record the amount, time and business purpose of each business use of his truck. He worked as an outside sales representative for Time Warner Cable. He claimed the vehicle expenses as employee business …

WHEN CAN WE EXPECT TAX REFORM? By John R. Bullis

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With Congress all tied up and failing to agree on almost anything, I wonder when we can expect Congress to reform our tax laws. Recently a tax writer (staff) for the U.S. Senate vowed to work on overhauling the federal tax code by August 2015. It is long past time to reduce the corporation income tax rates. Senator Ron Wyden …