Tax Reform Update – By Kelly J. Bullis

Kim Pilant Kelly's Articles

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

Kim Pilant Kelly's Articles

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

Nancy Bullis Kelly's Articles

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

Kim Pilant Kelly's Articles

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

Kim Pilant Kelly's Articles

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

Nancy Bullis Kelly's Articles

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

Kim Pilant Kelly's Articles

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

Kim Pilant Kelly's Articles, Uncategorized

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

Nancy Bullis Kelly's Articles

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 …