Home Accountant Kelly Bullis: Merry Christmas! | Serving Carson City for over 150 years

Kelly Bullis: Merry Christmas! | Serving Carson City for over 150 years

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Tax advice (and others)

Kelly bullis

Who reads a zany CPA article on Christmas Day?
Well maybe you are like me and had all the kids and grandchildren a few days ago made the big gift / ate too much of the stage and now this morning you are sitting by the fireplace, feet raised, home quiet, sipping a good cup of coffee and pondering on the true meaning of Christmas… the birth of Jesus Christ.
Thinking back to 2021, I have fond family memories etc. Perhaps sad events have mingled. And you ? Can you say, “Overall, 2021 surprised me with great memories. “
I don’t miss all that smoke from a few months ago. My poor wife had her Tahoe triathlon canceled because of it. And she had been training hard all summer. (It’s a LOT of work training for a triathlon! Special attention to timing so you hit a peak right at the time of the event. She was pretty disappointed but can’t wait to try again in 2022. Me ? I had perfected my cowbell ringing technique to encourage it.) Is anyone else adversely affected by fires? It was one of the hardest memories of 2021 for sure!
At this point, it’s pretty much a lock on any last minute changes to the tax law. NOTHING! This is something to be thankful for! Remember the last tax season when Congress passed retroactive laws causing IRS to panic over rewrite their software etc. Yes ! Good time!
At the moment in the Bullis clan, we are under “baby watch”. Our youngest son and his wife are about to have their first child. Now I have advised them to make sure the baby comes before the New Year. (Like they have a lot to say about it!) Babies in 2021 are eligible for a $ 3,600 tax credit. The! That’s all I can think of, taxes! How horrible am I to see my last grandchild just another tax credit? But hey! $ 3,600 is nothing to sneeze at. The baby born at 11:59 p.m. on Dec. 31 now receives $ 3,600. Baby born at 12:01 am on January 1st NOTHING for this year. A few minutes can make a huge difference!
In fact, I can’t wait to have another grandchild to spoil. I have two of my older grandchildren who love to ride on the back of my motorcycle. In time, this news should also draw his attention to my Indian Roadmaster.
At this point, you have four more business days to pay all tax-deductible expenses, make charitable contributions, etc. in order to get a deduction for it in 2021. So come Monday, Christmas behind you, it’s time to do it!
Did you hear? Luke 2:11 says, “For this day is born unto you in the city of David a Savior, which is Christ the Lord.
Kelly Bullis is a Chartered Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com. Also on Facebook.