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

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

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

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

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

A SIMPLE Retirement Plan for the Self-Employed

Brian SingletonWatch Your Wallet

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE IRA plans work well for small business owners who don’t want to spend a lot of time and pay high administration fees associated with more complex retirement plans. SIMPLE IRA plans … Read More

Brian SingletonA SIMPLE Retirement Plan for the Self-Employed

IRS Repeats Warning about Phone Scams

Brian SingletonWatch Your Wallet

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified approximately 1,100 victims who have lost an estimated $5 million from these scams. “There are clear warning signs about these scams, which continue at high levels throughout the … Read More

Brian SingletonIRS Repeats Warning about Phone Scams

Renting Out a Vacation Home

Brian SingletonWatch Your Wallet

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the rental income, tax-free. Known as the “Master’s exemption,” it is used by homeowners near the Augusta National Golf Club in Augusta, GA who rent out … Read More

Brian SingletonRenting Out a Vacation Home

Special Tax Benefits for Armed Forces Personnel

Brian SingletonWatch Your Wallet

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Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: 1. Deadline Extensions. Some members of the military, such as those who serve in a combat zone, can postpone some tax deadlines. If this applies to you, you can get automatic extensions of time to file your tax return and to … Read More

Brian SingletonSpecial Tax Benefits for Armed Forces Personnel

Job Search Expenses May Lower Your Taxes

Brian SingletonWatch Your Wallet

September is often a time of transition, when people decide to make major life decisions–such as changing jobs. If you’re looking for a new job, then you may be able to claim a tax deduction for some of your job hunting expenses–as long as it’s in your same line of work. Here’s what you need to know about deducting these costs: 1. Same Occupation. Your expenses must be for a job search in your current occupation. You may not deduct expenses … Read More

Brian SingletonJob Search Expenses May Lower Your Taxes