Few things bring tears to my eyes faster than sitting down with a disabled combat vet and hearing their story. These folks have seen it all, given it all, and sometimes suffer silently, yet their love for this country never waivers! We owe so much to them and can never fully repay this debt. In late 2016, Congress passed the …
IRS Sticks It To High Tax States – By Kelly J. Bullis, CPA
Title: IRS Sticks It To High Tax States There are only a very few times that I find myself cheering for the IRS. This happens to be one of them. Let me explain why one of the new tax provisions in the 2018 Trump Tax Law is so great. Before 2018, Federal Taxpayers who reside in Nevada were being forced …
New Family Leave Credit for Businesses – By Kelly J. Bullis
As an employer, don’t you just grind your teeth when an employee calls in sick and you suspect that they are just out skiing or doing something fun while using being sick as an excuse to get out of work? Are you one of those many generous employers who actually pays “Sick Leave,” even to the “Hooky From Work” folks? …
How’s Your Income Tax Withholding Doing? – By Kelly J. Bullis, CPA
Do you have a multi-income household? (Two partners both working? One or more members have multiple jobs?) Well, this Tax Tip is for you! You may be wondering, with the new Trump Tax Law, are you having enough withheld or are you having too much withheld? The new tax act, officially known as the “Tax Cuts and Jobs Act,” changed …
Do You Itemize Your Deductions Or Not? – By Kelly J. Bullis , CPA
How many times have you heard somebody tell you, “You need some tax deductions.” ? You know? Mortgage. Charity. Extra Sales Tax on large purchases. Auto Registrations. Property Taxes. Medical Expenses. Stock Broker Fees. Investment Interest Expense. Employee Business Expenses. Etc. Well, the new Trump Tax Law (Officially known as the “Tax Cuts and Jobs Act” or TCJA for short), …
A Once in a Life-Time Opportunity – By Kelly J. Bullis, CPA
Having now lived over 60 years on this good earth, aside from college, all of them in Carson City/Douglas County, I have never seen such a perfect storm of broad economic growth for a long period like we are now all facing. The infrastructure challenges, such as roads, highways, water, sewer, broadband, schools, shopping, medical care, etc. alone are daunting. …
Computing New Tax Law Business Deductions – By Kelly J. Bullis
The New Tax Law officially known as “Tax Cuts and Jobs Act of 2017” has a section in there for non-C Corporations to deduct up to 20% of their “qualified business income.” In the CPA universe, we are now affectionately referring to that as the “Section 199A deduction.” In my simple world, there would be one tax rate applied to …
To Be or Not To Be In Business in 2018 – By Kelly J. Bullis
Once in a long while, there is one of those perfect convergences of all the right ingredients for an explosive business opportunity environment. We’re in one now! Interest Rates are still low; Real Estate is still quite affordable; People are moving into Western Nevada at a faster and faster rate; The Tahoe Reno Industrial Center is booming; We finally have …
How To Figure Tax on “Sharing” Related Income – By Kelly J. Bullis
Aw Gee! The world is constantly changing! Isn’t it comforting to know that there are still some things for certain that you can count on never changing? Death and Taxes for example! For those of us over 40, the only choice for getting somebody to drive you around for a fee, was a Taxi. Oh boy can I remember some …
Tax Reform Update – By Kelly J. Bullis
As I have said before, getting Congress to work together to come up with real Tax Reform is about as easy as herding cats! Believe it or not, the “cats” (fat-cats in Congress) are actually starting to line up and head in the same direction. Amazing! So what are we looking at right now. Eliminate the Estate Tax, but keep …