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 …
Help A Charity, Save Tax – By Kelly J. Bullis
One of my readers asked me to talk about Charitable Gift Annuities. This just happens to be one of the best ways to invest your retirement savings in such a way that you get a reasonable guaranteed rate of return, much not taxable because you get a Charity Deduction up front and at your death, the remaining assets go directly …
We’ve Lost The Meaning of “Labor” Day By Kelly J. Bullis
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 …