What Employers Need To Know About The ACA

Brian SingletonWatch Your Wallet

The healthcare law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. The number of employees an employer has during the current year determines whether it is an applicable large employer for the following year. Applicable large employers (ALEs) are generally ... Read More

2015 Year-End Business Tax Planning

Brian SingletonWatch Your Wallet

Tax Planning for Business Year End

Business tax planning gets more important as the sun begins to set on 2015. While the fate of several business-related tax extenders that expired at the end of 2014 is uncertain, there are still year-end business tax planning strategies to reduce the tax burden for 2015.

Individual Tax Planning for 2015

Brian SingletonWatch Your Wallet

individual tax planning year end

Tax planning strategies for individuals for 2015 include income and deductions timing, as well as careful consideration of timing related investments, charitable gifts, and retirement planning.

The IRS WON’T Call You Out of The Blue: Beware of Scammers

Brian SingletonBlog, Watch Your Wallet


This was posted to a CPA mailing list we follow: The IRS scammers were in full force last week in our small corner of the universe. By noon on Thursday, they had called my house twice, I had 6 calls to the office with scared clients, and the 911 operators received 25 calls from very worried people. That afternoon I had more anxious callers. Yesterday, at church, I had a line of folks asking me if they should come to … Read More

Hold On to Your Tax Returns

Brian SingletonWatch Your Wallet


You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student financial aid. If … Read More

Tax Tips for Divorced or Separated Individuals

Brian SingletonWatch Your Wallet


Income tax may be the last thing on your mind after a divorce or separation, but these events can have an impact on your taxes. Alimony and a name change are just two of the items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Child Support. If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you … Read More

Tax Benefits for Higher Education

Brian SingletonWatch Your Wallet


Many tax benefits are available to help you pay higher education costs, whether for your children or yourself. Let’s take a look at what’s available and how you can take advantage of these benefits to ease the financial burden of paying for education. Coverdell Education Savings Accounts (Section 530 Programs) Starting in 2013, you can contribute up to $2,000 to a Coverdell Education Savings account (a Section 530 program formerly known as an Education IRA) for a child under 18. … Read More

Lending Money? Make it a Tax-Smart Loan

Brian SingletonWatch Your Wallet


Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an … Read More