You’re either in one of three camps. Either you are ecstatic about the legislature being led in both houses by Democrats as well as having a Democratic Governor (from down south to boot), or you are terrified of the same. Finally, you may be in the “I don’t think it will be the end of the world, nor will it …
How’s Your Business Doing? – By Kelly J. Bullis
Its been almost 1 year since the new Trump Tax Law / economy took effect. Have you seen your business get more busy? Are you making a larger profit this year? Did you need to hire any new employees this year? Did you move to a larger location this year? Did you purchase some new equipment this year? Did you …
Tax Burden Still High For Top Earners – By Kelly J. Bullis, CPA
Well, for us tax preparers, another “Tax Season” is finally in the bag. October 15th was the big day. We’ve had fun showing all our clients what to look forward to with the new Trump Tax Law for 2018. Most business owners are already planning on how to hire new employees, purchase new business equipment, expand their facilities, give out …
Combat-Injured Disabled Veterans NMay Be Due A Refund – By Kelly J. Bullis, CPA
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 …