Tax Tips (and other stuff)
Who is reading a goofy CPA’s article on Christmas Day?
Well maybe you’re like me and you had all the kids and grandkids over a few days ago, did the big present/eat too much scene and now this morning, you’re sitting by the fireplace, feet up, quiet house, sipping a nice cup of coffee and pondering the real meaning of Christmas… the birth of Jesus Christ.
As I reflect back on 2021, I have some great memories of family, etc. Perhaps some sad events mixed in. How about you? Can you say, “Overall, 2021 surprised me with some great memories.”
I’m not missing all that smoke of just a few months ago. My poor wife had her triathlon at Tahoe canceled because of that. And she had been training hard all summer. (It is a LOT of work to train for a triathlon! Special attention to timing it so you peak just at the time of the event. She was quite disappointed but is looking forward to trying again in 2022. Me? I had perfected my cowbell ringing technique to cheer her on.) Anybody else out there get negatively impacted by the fires? That was one of the more difficult memories of 2021 for sure!
At this point, it’s pretty well a lock on any last-minute tax law changes. NONE! That is something to be thankful for! Remember last tax season when Congress passed some retroactive laws, causing the IRS to go into panic mode in re-writing their software, etc. Yup! Good times!
At this time in the Bullis clan, we are on “baby watch.” Our youngest son and his wife are on the verge of having their first child. Now I’ve counseled them to make sure the baby comes before the New Year. (As if they have much say in that!) 2021 babies qualify for a $3,600 tax credit. There! That’s all I ever seem to think of, taxes! How horrible am I to be seeing my latest grandchild as just another tax credit? But hey! $3,600 is nothing to sneeze at. Baby born at 11:59 p.m., Dec. 31, gets $3,600 now. Baby born at 12:01 a.m. Jan. 1, NOTHING for this year. A couple of minutes can make a huge difference!
Actually, I am looking forward to having another grandchild to spoil. I’ve got two of my older grandkids who love riding on the back of my motorcycle. In time, this new one should get her turn on my Indian Roadmaster too.
At this point, you have four more business days to pay any tax-deductible expenses, make any charitable contributions, etc. in order to get a deduction for it in 2021. So come Monday, Christmas behind you, time to get it done!
Did you hear? Luke 2:11 says, “For unto you is born this day in the city of David a Savior, who is Christ the Lord.”
Kelly Bullis is a Certified Public Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com. Also on Facebook.
