The IRS WON’T Call You Out of The Blue: Beware of Scammers

Brian SingletonBlog, Watch Your Wallet


This was posted to a CPA mailing list we follow: The IRS scammers were in full force last week in our small corner of the universe. By noon on Thursday, they had called my house twice, I had 6 calls to the office with scared clients, and the 911 operators received 25 calls from very worried people. That afternoon I had more anxious callers. Yesterday, at church, I had a line of folks asking me if they should come to … Read More

QuickBooks: How Custom Fields Provide Better Business Insight

Brian SingletonBlog, Watch Your Wallet


QuickBooks makes it possible for your business to create very detailed records for customers, vendors, employees, and items. In fact, you may find that you rarely make use of every field each contains. But you may also find that there are additional fields that you’d like to see in your predefined record formats. That’s where custom fields come in. QuickBooks lets you add extra fields and specify what their labels should be. You can define up to 12 total fields … Read More

Seven Tips to Determine if Your Gift is Taxable

Brian SingletonBlog, Watch Your Wallet


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are not taxable gifts: Gifts that do not exceed the annual exclusion for the calendar year, Tuition or … Read More

Paying Taxes on Household Helpers

Brian SingletonBlog, Watch Your Wallet


If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. As you will see, the rules for hiring household help are quite complex, even for a relatively minor employee, and a mistake can bring on a tax headache that most of us … Read More

Tax Implications of Retiring Overseas

Brian SingletonBlog, Watch Your Wallet


Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know. Taxes on Worldwide Income Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living … Read More

Article: Tax Planning for 2015

Brian SingletonBlog, Watch Your Wallet

Good article over on Accounting Today: This year’s tax planning is going to be heavily focused on accelerating deductions and maximizing tax credits, according to Evan Stephens, a tax manager at the business consulting and accounting firm Sensiba San Filippo.  “However, taxpayers should be advised that a number of tax benefits available in 2013 are not yet available in 2014, as Congress has let some very popular provisions lapse for 2014 and has yet to reinstate them into law for … Read More