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

Tax Implications of Retiring Overseas

Brian SingletonBlog, Watch Your Wallet

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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

Brian SingletonTax Implications of Retiring Overseas

Tax Tips for Individuals Selling Their Home

Brian SingletonWatch Your Wallet

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If you sell your home and make a profit, do you know that the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main … Read More

Brian SingletonTax Tips for Individuals Selling Their Home

Four Things to Know about Net Investment Tax

Brian SingletonWatch Your Wallet

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Certain taxpayers may be subject to the Net Investment Income Tax, which went into effect last year, in 2013. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things that you should know about this tax: 1. Net Investment Income Tax. The law requires a tax of 3.8 percent on the lesser of either your net investment income or the amount by which your … Read More

Brian SingletonFour Things to Know about Net Investment Tax

Year-End Tax Planning for Businesses

Brian SingletonWatch Your Wallet

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While the fate of several business-related tax extenders such as R & D credits, bonus depreciation, and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014. Purchase New Business Equipment Section 179 Expensing. Business should still take advantage of Section 179 expensing this year for a couple of reasons. First, is that in 2014 businesses can … Read More

Brian SingletonYear-End Tax Planning for Businesses

Year-End Tax Planning for Individuals

Brian SingletonWatch Your Wallet

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Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013. These tax extenders, which include nonbusiness energy credits and the sales tax deduction that allows taxpayers to deduct state and local general sales taxes instead of state and local income taxes, may or may not be reauthorized by Congress and made retroactive to the beginning of the year. More significant however, is … Read More

Brian SingletonYear-End Tax Planning for Individuals

Five Basic Tax Tips for New Businesses

Brian SingletonWatch Your Wallet

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If you start a business, one key to success is to know about your federal tax obligations. Not only will you probably need to know about income taxes, you may also need to know about payroll taxes as well. Here are five basic tax tips that can help get your business off to a good start. 1. Business Structure.¬†As you start out, you’ll need to choose the structure of your business. Some common types include sole proprietorship, partnership and corporation. … Read More

Brian SingletonFive Basic Tax Tips for New Businesses