Tax Tip: Consider tax advantages of converting to Roth IRA
Howdy folks! As a brief introduction, I am a second generation CPA, bo
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Column: End of Year Tax Planning
By Kelly J. Bullis, CPA Well Howdy folks! I sincerely hope you all had a GREAT Thanksgiving! We do have so much to be thankful for.One of the things I am thankful for is that we have finished updating...
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Tax Tip: Get an IRA
By Sean Marler Ben Franklin once said, “In this world, nothing is certain but death and taxes.” That might be true, but Ben wasn’t able to open an IRA back then. If he had this option, he might have...
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Working Women With Families Have Unique Retirement Needs
Sean Marler These days it’s common to find women who balance family life with active careers. That’s why it’s important for working women to take an active role in planning for retirement. Females...
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Column: It is not too late to reduce taxes with a 2013 IRA contribution
By John R. Bullis Many individuals think the time to plan for 2013 year is past, and most of them are correct. The door to almost all tax saving moves or actions for 2013 closed on Dec. 31, 2013....
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Column: The MyRA savings plan explained
By John R. Bullis President Obama announced a new kind of retirement plan called “MyRA.” It won’t do very much to reduce your income taxes because the contributions to this new retirement savings plan...
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Column: 2015 retirement contributions are increased
By John R. Bullis One of the best investments is the money you save in a retirement account. Whether it is the salary deferral savings at work or the IRA contribution or some other retirement account...
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Column: Roth IRA for the kids
By John R. Bullis A client recently said, “I want to convert my regular IRA to a ROTH IRA so when my kids inherit, they don’t have to pay income tax on the distributions. I realize I will be taxed on...
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Column: Help fund grandkid's college costs
By John R. Bullis Many grandparents are interested in helping pay for part of the grandkid’s college costs. Direct gifts and direct payment of tuition to the college are common ways to help. Section...
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Column: Required Minimum Distributions and Aggregations
By John R. Bullis Most IRA owners know they are to begin taking annual Required Minimum Distributions either in the year they are age 70.5 or by April 1 of the following year.Failure to take the RMD...
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Column: Gifts to Grandchildren in 2015
By John R. Bullis Doing gifts to a grandchild can be a good idea, if you have intent to help the grandchild and the "extra" money to do so.The "Annual Exclusion" (amount that is not a taxable gift) is...
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John Bullis column: Trust decanting to save income tax
By John R. Bullis The last legislative session provided for changes in the Nevada trust laws and the governor signed the bill June 10. The main goal was to change the basic estate planning trust so...
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John Bullis Column: Should you do A ROTH IRA Conversion While Stocks Are Down?
By John R. Bullis Suppose you have a Traditional IRA but want to convert part of it to a ROTH IRA. You could do that to benefit your designated beneficiaries. After your death, if they inherit a ROTH...
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John Bullis: Don’t Waste Your Gift Tax Exclusions
By John R. Bullis The Gift Tax rules are interesting and offer many possibilities for planning that will improve the quality of life for your family and friends. Basically you can give total cash...
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John Bullis: Best ways to make investments in gold
By John R. Bullis There are many ways to invest in gold. Some have some surprising tax rules. As with all investment decisions, you would not want to put all your money in gold or any one...
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John Bullis column: ROTH IRA distributions to non spouse beneficiary
By John R. Bullis When the owner of a ROTH IRA dies and the beneficiary is not the surviving spouse, special rules on required minimum distributions apply. The Non Spouse Beneficiary (ie child, etc)...
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John Bullis Column: Your Surprise IRA Beneficiary
By John R Bullis Saving for your retirement and possible bequest to family and friends is good to do! Many folks have an Individual Retirement Account (IRA) that is a major part of their retirement...
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John Bullis column: Plan when converting to ROTH IRA
By John R Bullis You can convert your regular IRA to a ROTH IRA. The value converted is taxable income. If the value goes down after conversion, you can change your mind and cancel the conversion if...
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John Bullis Column: New Limits for 2018 Retirement Savings
By John R. Bullis It is good Congress has linked many retirement plans with inflation. Here are some of the main 2018 dollar limits. 401(K) maximum contribution increases in 2018 to $18,500. That is...
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John Bullis column: If you Won an ‘S’ Corporation Should you Hire your Child?
By John R. Bullis The new Tax Law for 2018 and later provides a $12,000 Standard Deduction (instead of itemized deductions) for single taxpayers. If your child earns wages of $12,000 or less in 2018,...
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