Campfire Wisdom Blog

One of my favorite magazines is called “Nevada Business.” It does originate in Southern Nevada, but they do a great job of giving great information on businesses in all of Nevada. Every year, they do a poll of decision makers – executives and business owners – across the entire state of Nevada. Most of the respondents are long termers…having been in business in Nevada for 20 or more years. I wanted to share just a few interesting observations. If you want to read the e

Now the title of this article might get some folks riled up. There is a process called “eminent domain” where the government can end up taking some or all your land. Usually for roads, but sometimes for utility access, conservation, wildlife habitat, etc. When the government condemns your land under the eminent domain process, you get paid the fair market value of the land. Then, you might end up having to pay capital gains tax depending on your cost basis. There is a

Surprise! Surprise! (Famous quote from Gomer Pile) When it comes to understanding the ins and outs of education tax credits, most folks get it all wrong American Opportunity Tax Credit (AOTC) is a maximum annual $2,500 credit to be used for up to four years of study for every student in the family. (That includes mom and dad.) That is potentially $10,000 spread out over at least the first 4 years. Not bad! To qualify, a student must be enrolled in pursuing a degree in

Every election season, this issue gets trotted out to smear an opponent. Having household help but not paying them correctly. There are a wide variety of potential “employees.” Babysitters, private nurses, other caretakers, cleaning folks, yard workers, and of course, nannies. The tax law requires you to pay employment taxes if the wages paid to certain household employees exceed a specified annual threshold. The annual threshold in 2026 is $3,000. Notice I keep using