Taxes

A special tax benefit to save future income taxes is known as the “Step Up in Tax Basis.”

This happens when someone dies and leaves stocks, bonds, personal property and real estate to the heirs.

When Ron was in law school, on the first day of his class on income tax law, the professor was singing praises of income taxes and got carried away. The prof, an expert who had written the book on the subject, said that income tax law is good law because it’s not an all-or-nothing thing like much of civil or criminal law. Instead, it’s proportional.

That’s true, of course, although not quite the high virtue he seemed to suggest. Anyway, when he said the income tax was perhaps one of mankind’s great inventions, Ron objected.

IRS uses several computer programs to screen all tax returns and check for math or clerical errors. If you receive a notice, respond within 60 days or IRS will assume you agree with the notice.

WASHINGTON, D.C. — Congressman Mark Amodei (NV-02) released the following statement Friday after Congress successfully passed the Bipartisan Budget Act, a two-year budget agreement that invests in our nation’s military, infrastructure, and health care programs:

The Carson City Sheriff’s Office consistently sees reports of people of all ages falling for scams that affect them financially. We are asking for the public’s assistance to better educate themselves so they do not become a victim of these scams. The majority of these crimes are not something we can solve.

I was pleasantly surprised to see Congress pass the 2017 Tax Cuts and Jobs Act, before the year was over. Now, we all need time to understand the 503 pages of the New Tax Law. It is hoped it will improve the tax treatment of businesses in the United States.

Congressional Republicans and President Donald Trump have passed a landmark tax reduction and reform bill. Democrats, mainstream media and other leftists are spreading misinformation about the effects.

Let’s set the record straight.

First, “The new law is larded with provisions custom-made for the rich and superrich while offering mere crumbs for the middle class.” This version of a lie told by many comes from Democrat Alan Blinder, who also said, “it may be the most regressive” tax cut ever.

Matthew and Kathleen Feshbach owed IRS a lot of money. In June 2001 they asked IRS to approve their Offer in Compromise to settle their 1999 and 2001 tax debts. They owed almost $2 million for 1999 and another $3.2 million for 2001. They sent IRS a check for $200,000 with their offer to settle for about half of what they owed.

Since we don’t know what the new tax law for 2018 and later will be, it is difficult to decide what to do before 12-31-17. The proposal indicates the Standard Deduction will be increased and the use of Itemized Deductions on Schedule A of form 1040 will be reduced.

Christmas is just around the corner. For small businesses, it is officially the start of the make-or-break holiday shopping season. And this year, passing a tax bill would give small business owners much to be thankful for.

Lawmakers are running low on time to pass a new 25 percent tax rate for small businesses—the largest tax cut in generations, as President Trump often says.

As a small business owner and lawmaker at the state level, my message to Washington is simple: Get the job done. Small business deserves it, voters want it, and the economy needs it.

A business owner that reports business income and expenses on Schedule C of form 1040 has a special opportunity to reduce their income and self employment taxes.

There is a special deduction for businesses that buy personal property for use in the business. Section 179 deduction is for the cost of equipment (new or used) and Qualified Real Property that is purchased and placed in service before the end of the year.

Max Sandoval works in Reno, but lives in Carson City. Before heading down I-580 North you'll always finding him fueling up in the Capital City if needed.

Republicans in congress have introduced their tax bills, and they and the president intend to pass some version of tax reform promptly. As they try to craft a package that will pass, let’s recall themain principles, goals and problems facing tax reform.

The key goal is always economic growth. Growing the economy at a sustainably fast clip means on average everyone is better off and each person or family has more opportunity to improve their lot. It also allows us to afford more of the public goods that government can supply, including caring for the needy.

Every year for Veterans Day, several local and national businesses go out of their way to say thank you to the men and women who have served, and are actively serving in our armed forces. Below, you’ll find a list of our local companies that have something special for our active and retired military members. Be prepared to provide proof of service in order to take advantage.

SPECIALS AND FREEBIES FOR VETERANS DAY:
SATURDAY – SUNDAY:

If you make 100 decisions, it is not reasonable to expect all of your decisions to be good ones. If you make investments, it is possible some of them will turn out to not be winners.

Congress sure has some confusing rules. If you filed separate returns, but were married for the year(s) involved, you might consider filing and Amended Return form 1040X to change to filing a joint income tax return.

Chances are, you’ll need to recover from yesterday a little. Downtown Carson City has you covered with a ‘Sunday, Bloody Mary Sunday’ bloody mary contest in Arlington Square. Get your trick-or-treat on at the Children’s Museum of Northern Nevada or at the historic Wungnema House at the east end of Mills Park. Grand Entrance at the La Ka Lel Be Pow Wow begins at 12 p.m. Its new home at the Multi-purpose Athletic Center (MAC) has let the annual event become even bigger. You’ve got one last chance to get your fill of cotton candy and the Ferris Wheel: the RSVP Nevada Day Carnival closes at 8 p.m.

SUNDAY:

It’s Nevada Day weekend, and that means the annual parade and festivities will bombard downtown Carson City with thousands of revelers. I made the decision to put all of the parade related events into a separate list for a few reasons: one, this list would be way too long otherwise; two, Halloween fun is plentiful all weekend long; and three, I want my list to be as easy to read as possible. Read on for events throughout Carson City, Carson Valley, Dayton, Silver and Virginia Cities.

Finally, Nevada Day weekend is here. State offices are closed, the kids are off school, and Carson City is hoppin’. Join the Downtown Business Association for the ‘Passport to Downtown’ with live music, a raffle, craft and vendor show, and a family fun center, complete with petting zoo. Stick around for the annual fall Blinky Man Costumed Nighttime Bike Ride Pub Crawl with Lights. Halloween festivities, a carnival in Mills Park, and opening night of the La Ka Lel Be Pow Wow are on today’s list, as well.

Nevada Day is just around the corner, but don’t jump the gun. This weekend offers fun for the young and young-at-heart. If you’ve got more apples than you know what to do with, the Greenhouse Garden Center has a cider press available today. Play BINGO for a good cause at the Carson City Senior Center, and don’t forget your costume. Carson City Symphony Association begins their 34th Season today with a concert at the Bob Boldrick Theater; as always, those under 18 get free admission.

SUNDAY:

Welcome back to the weekend, readers. Halloween stuff is plentiful (go HERE for a complete list of upcoming activities), pumpkins are patched, the ghosts are walking, and there are loads of events to keep you, your friends and family entertained. The Harvest Train at the Nevada Railroad Museum is a fun treat for kids of all ages. It’s time for the annual all-day downtown Ghost Walk. From 10 a.m.

Well, that was an abrupt change in weather. Today will definite feel like fall, so bundle up. The Halloween festivities for the over 21 crowd get started tonight with parties at Living the Good Life, Ed's Doghouse, and Jimmy G's Cigar Bar. If your costume isn't ready yet, you'll still have plenty of opportunities between now and Oct. 31. A hypnotic fundraiser for Mark Lindquist takes place at Silver Oak Golf Course this evening.

In December 2017 the Lyon County Board of Commissioners will be appointing citizens to various Citizen Advisory Boards. Citizen Advisory Boards are established by the Lyon County Commission to represent residents of Lyon County in designated geographical areas.

Two recent news stories caught our attention, and they suggest some good news, but ...

First, the estimated growth rate of U.S. gross domestic product (GDP) – that is, the annual rate of growth for America’s economy – was revised upward to 3.1 percent for the second quarter of 2017.

Second, the Trump Administration has eliminated 16 regulations for every regulation it has implemented.

With our economy like it is and with many folks operating a small business from their home, the income tax deduction for “Office in Home” can save some income tax.

There's a new gun store in Carson City, and it's packing, loaded heavy with an enormous selection of firearms and ammunition.

The breadth and depth of choices for firearms enthusiasts are what make the business stand out, Store Manager David Powell said.

Of course Estate Planning is done to minimize taxes and be sure the financial matters are done as desired. However, the planning for other than taxes is very important. Designating the best Trustee or Executor and possible successors is not easy, but extremely important to being sure the administration goes smoothly.

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 savings.

Our socialist healthcare system is predictably out of control with rising costs, lowered services and inevitable bankruptcy for our nation. To solve the artificially created shortages of affordable health care we need to repeal Obamacare (hopefully before it kills too many people) and then we need to restore market incentives to lower the cost of health care using the following ten steps:

I: Eliminate Taxes and deregulate American health care.

II: Increase grants and loans to create more health care doctors and workers.