Tax Consequences of Getting Married

Brian SingletonWatch Your Wallet

Marriage can make changes in your tax situation, some good, some bad. Some of  the changes are listed below. Change in filing status: Married filing separately can have its drawbacks: Rental property losses are not deductible. If you receive Social Security, more will be taxed. The deduction for an IRA contribution is very limited. Credits for dependents in college are not available. Credits for child care are not allowable. You do not qualify for earned income credit. Name Change If … Read More

Brian SingletonTax Consequences of Getting Married

Early Retirement Plan Withdrawals and your Taxes

Brian SingletonWatch Your Wallet

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59 1/2. 2. If you made a withdrawal from a plan last year, you must report the amount you withdrew to the IRS. You may have to pay income tax as well as an additional 10 percent tax … Read More

Brian SingletonEarly Retirement Plan Withdrawals and your Taxes

Tips for Safeguarding Financial Records

Brian SingletonWatch Your Wallet

Some natural disasters are more common in the summer. But major events such as hurricanes, tornadoes and fires can strike at any time, so it’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare: 1. Backup Records Electronically. Many people receive bank statements by email. This is a good … Read More

Brian SingletonTips for Safeguarding Financial Records

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

Brian SingletonArticle: Tax Planning for 2015

Retirement Plan Options for Small Businesses

Brian SingletonWatch Your Wallet

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Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today’s competitive environment. Besides helping employees save for the future, however, instituting a retirement plan can provide you, as the employer, with benefits that enable you to make the most of your business’s assets. Such benefits include: Tax-deferred growth on earnings within the plan Current tax savings on individual contributions … Read More

Brian SingletonRetirement Plan Options for Small Businesses

Tips on Deducting Charitable Contributions

Brian SingletonWatch Your Wallet

If you are looking for a tax deduction, giving to charity can be a “win-win” situation–good for them and good for you. Here are eight things you should know about deducting your gifts to charity: 1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts to individuals, political organizations or candidates. 2. In order for you to deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, … Read More

Brian SingletonTips on Deducting Charitable Contributions

How to Save for College Tax-Free

Brian SingletonWatch Your Wallet

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According to a 2014 study published by the Federal Reserve Bank of San Francisco, researchers found that over a lifetime, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate–even after taking into consideration the cost of college tuition and the four years of lost wages it entails. So even though tuition and fees are always on the rise, most people still feel that a college education is well worth the investment. That … Read More

Brian SingletonHow to Save for College Tax-Free

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

Brian SingletonTax Rules for Children with Investment Income

5 Ways You Can Use QuickBooks’ Income Tracker

Brian SingletonWatch Your Wallet

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One of the reasons that QuickBooks appeals to millions of small businesses is because it offers multiple ways to complete the same tasks, which accommodates different work styles. Say, for example, you wanted to look up a specific invoice. You could: Go to the Customer Center and select the customer, and then scan through the list of transactions, Use the Find feature (Edit | Find), or Create a report. There’s also another way you can get there if you have a recent version of QuickBooks: … Read More

Brian Singleton5 Ways You Can Use QuickBooks’ Income Tracker

Leaving a Business: Which Exit Plan is Best?

Brian SingletonWatch Your Wallet

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Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. The more you understand about each one, the better the chance is that you will leave your business … Read More

Brian SingletonLeaving a Business: Which Exit Plan is Best?