Education Tax Credits Help You Pay for College

Brian SingletonWatch Your Wallet

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Are you planning to pay for college in 2015? If so, there are two education credits that can help you with the cost of higher education. Taking advantage of these education tax credits can mean tax savings on your federal tax return by reducing the amount of tax you owe. Here are some important facts you should know about education tax credits. American Opportunity Tax Credit: You may be able to claim up to $2,500 per eligible student. The credit … Read More

Brian SingletonEducation Tax Credits Help You Pay for College

Tax Facts: Medical and Dental Expenses

Brian SingletonWatch Your Wallet

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If you, your spouse or dependents had significant medical or dental costs in 2015, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You can only claim medical expenses that you paid for in 2015, and only if you itemize on Schedule A on Form 1040. If you take the standard deduction, you can’t claim these … Read More

Brian SingletonTax Facts: Medical and Dental Expenses

Changes Affecting your 2015 Premium Tax Credit

Brian SingletonWatch Your Wallet

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If you have enrolled for health coverage through the Health Insurance Marketplace and receive advance payments of the premium tax credit in 2015, it is important that you report changes in circumstances, such as changes in your income or family size, to your Marketplace. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Marketplace. Having at least some of your credit paid in advance directly to your insurance … Read More

Brian SingletonChanges Affecting your 2015 Premium Tax Credit

Start Planning Now for 2016 Taxes

Brian SingletonWatch Your Wallet

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You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? That’s right. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are six tips to give you a leg up on next year’s taxes: 1. … Read More

Brian SingletonStart Planning Now for 2016 Taxes

Starting a Business? Five Things You Must Know

Brian SingletonWatch Your Wallet

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Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help. Employer Identification Number (EIN) Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is … Read More

Brian SingletonStarting a Business? Five Things You Must Know

Claiming an Elderly Parent as a Dependent

Brian SingletonWatch Your Wallet

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Are you taking care of an elderly parent or relative? According to the U.S. Census Bureau, there were 44.7 million people age 65 and older in the United States in 2013, more than 15 percent of the total population. Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own … Read More

Brian SingletonClaiming an Elderly Parent as a Dependent

Turn Your Vacation into a Tax Deduction

Brian SingletonWatch Your Wallet

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Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on his vacation. Here’s how he did it. 1. Make all your business appointments before you leave for your trip. Example: Tim wants to vacation in Hawaii. If he places several advertisements for distributors, or contacts some of his downline distributors to perform a presentation, then the IRS would accept … Read More

Brian SingletonTurn Your Vacation into a Tax Deduction

QuickBooks: How Custom Fields Provide Better Business Insight

Brian SingletonBlog, Watch Your Wallet

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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

Brian SingletonQuickBooks: How Custom Fields Provide Better Business Insight

Seven Tips to Determine if Your Gift is Taxable

Brian SingletonBlog, Watch Your Wallet

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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

Brian SingletonSeven Tips to Determine if Your Gift is Taxable

Paying Taxes on Household Helpers

Brian SingletonBlog, Watch Your Wallet

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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

Brian SingletonPaying Taxes on Household Helpers