Receiving Payments in QuickBooks

Brian SingletonWatch Your Wallet

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There are numerous ways to prioritize your workday. Do the most difficult things first. Get important phone calls out of the way. Respond to customer emails. But it’s likely that one activity takes precedence when you see that it needs to be done: recording payments. While you’re probably very careful with this process, it’s critical that your actions here are accurate. If they’re not, you could either lose money that you’ve earned or anger customers by requesting payments they’ve already … Read More

Identity Theft and your Taxes

Brian SingletonWatch Your Wallet

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Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are a victim of identity theft can be a stressful event and you may not be aware that someone has stolen your identity. In many cases, the IRS may be the first to let you know you’re a victim of ID theft after … Read More

Is Your Gift Taxable?

Brian SingletonWatch Your Wallet

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If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a charity. If you make a gift to … Read More

Tax Rules for Children with Investment Income

Brian SingletonWatch Your Wallet

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Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return while other children may have to file their own tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. Here’s what you need … Read More

Eight Ways Children Lower your Taxes

Brian SingletonWatch Your Wallet

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Got kids? They may have an impact on your tax situation. Here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family increased this year and we’ll take a look at whether you can claim the child as a dependent this year. Child Tax Credit: You may be able to … Read More

Tax Planning for Small Business Owners

Brian SingletonWatch Your Wallet

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Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet … Read More

Changing Jobs? Don’t Forget your 401(k)

Brian SingletonWatch Your Wallet

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One of the most important questions you face when changing job is what to do with the money in your 401(k). Making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, you’ve had the company take a set percentage of your pre-tax salary and put it into your 401(k) plan. Now that you’re leaving, what should you … Read More

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

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

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