Ok! My doctor says I gotta control my blood pressure better. But when we get to certain holidays, the way the average mostly younger person just flippantly treats it as another 3-day weekend without celebrating it’s purpose, well, I need to go pop another pill! Labor: Defined as “…productive activity, especially for the sake of economic gain. Also, A body …
Death Tax Planning – By Kelly J. Bullis
Most folks think what I’m to talk about is also known as Estate Planning. Far from it! On a regular basis, we see carryover items on a decedent’s tax return that are lost at their death. With a little planning, these can be taken advantage of and save some significant taxes. I think the number one item is Capital Loss …
Do You Owe the IRS a Lot? – By Kelly J. Bullis
In all my travels, I still haven’t found a creditor with more legal power to collect unpaid money than the IRS. (Notice I said “legal?” Of course, your local Loan Shark has Guido and his thumb-screw machine, etc. available to convince folks to pay up their debts.) So, if you owe the IRS and can NOT pay immediately, you have …
President Trump’s Tax Goals
One month into a new President. He’s checking things off his list that he promised to do. One yet to be done has to do with MAJOR tax reform. There is not enough room in a small column like this to go over all Donald Trump’s proposals, but here are a few that will impact most Americans which seem to …
Fraud … Watch Out! – By Kelly J. Bullis
It has become more obvious as I get older that not everybody is honest and trustworthy! If I had a dollar for every time I’ve heard a small business owner say about their employee that just got caught embezzling from them, “I don’t understand! I trusted this person, why did they steal from me?” I might be rich enough to …
A Charitable Tax Break for Some IRA Owners – By John R. Bullis
You have probably heard about the option (choice) IRA owners who are age 70 ½ or older have about sending their IRA distribution (or part of it) to a charity or church. The total limit each year for the IRA distribution(s) paid directly to charities is $100,000. That transfer (distribution) counts against your required minimum distribution. Suppose your required minimum …
Treasure Hunting for Memories and Valuable Stuff – By Kelly J. Bullis, CPA
Well, it’s Labor Day Weekend. My friend Laurie O’Bryne figured this would be a great opportunity to talk about a seemingly “laborious” task. I’m talking about cleaning out the personal effects of a lost parent or grandparent after they have passed away. What do you save? How do you dispose of sensitive information? Should you just throw away papers that …
Secret Tax Saving Trick with Retirement Account, By Kelly J. Bullis, CPA
How many of you love it when some smart person figures out a way to stick it to the IRS and win? Well here’s one. If you own your company and it has a 401k plan that allows you leeway on how to invest your contribution to the plan, this great idea could potentially reduce your total tax by over …
The IRS is NOT calling! (part 2) By Kelly J. Bullis, CPA
The IRS is NOT calling! (part 2) I can’t believe it! I just am sooo amazed at how scared most folks are of hearing the name … “IRS” Oooooh! Sends shivers down my back…NOT! Look, our firm deals with the IRS on a regular basis on behalf of our clients, for all kinds of situations. So what I’m about to …
Modern Day Cattle Rustlers…
In the old days of the Wild West, the “bad guys” were usually bank and/or train robbers, and cattle rustlers. The U.S. Marshalls (and the Pinkertons) focused pretty much on catching the bank and train robbers, leaving the poor ranchers on their own to deal with them lousy rotten cattle rustlers. (Cattle rustlers were usually cowboys gone bad.) Now imagine …