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

The Affordable Care Act and You

Brian SingletonWatch Your Wallet

The Patient Protection and Affordable Care Act of 2010 resulted in several changes to the U.S. tax code that affect individuals purchasing health care insurance through the health care exchanges. Let’s take a closer look at what it all means for you. Don’t hesitate to call us if you need assistance navigating the complexities of the Affordable Care Act. We’re here for you!

Brian SingletonThe Affordable Care Act and You

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