MEDICAL MARIJUANA BUSINESS HAS LIMITED DEDUCTIONS By John R. Bullis

ian John's Articles

Martin Olive quit college and opened a medical marijuana dispensary in San Francisco in 2004.  He reported $65,000 of income in 2004 and $34,000 of income in 2005.  All of his customers were recipients under the California Compassionate use Act of 1996. IRS audited his returns and used the “ledgers” Olive produced at trial to compute his gross income in …

Warm Hugs = Smart Business

admin John's Articles

So… I have discovered a major down-side to spending a few days in Disneyland I know… I know… sounds like blaspheme lol But seriously! You get spoiled! They have made happiness and the desire to make their customers feel welcome such a natural part of their culture that suddenly, the customer service completely sucks everywhere else you go! At least …

CHILD TAX CREDIT SCAM IN ISRAEL By John R. Bullis

ian John's Articles

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

admin John's Articles

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

admin John's Articles

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: …