Beware of Tax Consequences of a Job Loss

Brian SingletonBlog, Old Site, Watch Your Wallet

Given the current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here’s some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you received under the unemployment compensation laws of the United States or of a state must be included in your income. It is taxable income. If you received unemployment compensation, you should receive Form 1099-G showing the amount you were paid and any federal income tax you elected … Read More

Businesses – Use Ratios To Gauge Your Sales Force’s Performance

Brian SingletonBlog, Old Site, Watch Your Wallet

It’s vital, these days, to make sure you’re getting the most out of on-premises sales staff. If goals are being met and revenue is where you want it to be, you may not need to use any measuring devices. But if there is a problem, the following ratios, if applicable to your particular business, may help you pinpoint the problem, analyze it, and take action. The ratios can be applied to your entire business, to a division or department, or … Read More

IRS Helps Financially Distressed Taxpayers

Brian SingletonBlog, Old Site, Watch Your Wallet

The Internal Revenue Service kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations. Taxpayers are encouraged to take advantage of several new tax credits and deductions this filing season. Further, the IRS announced a major enhancement to the Free File program that will allow nearly all taxpayers to e-file for free and … Read More

7 Ways to Use QuickBooks to Manage AR Collections

Brian SingletonBlog, Old Site, Watch Your Wallet

It’s more important than ever to keep a close rein on your accounts receivable. Seemingly no one is immune to sudden changes in financial circumstances, so be sure to monitor your outstanding invoices closely. There’s an inverse relationship between the age of an invoice and your ability to collect on it, but fortunately QuickBooks can help you manage your credit risk: 1. Set Reminders As shown in Figure 1, QuickBooks can display a reminder window when you open your QuickBooks company: … Read More

QuickBooks: Use Closing Date to Protect Prior Year Data

Brian SingletonBlog, Old Site, Watch Your Wallet

You’ll likely be closing the books on 2008 soon and your records will become the basis for your tax return. It’s critical that your QuickBooks records for a given year match the corresponding tax return, so consider setting a closing date in QuickBooks so that no one inadvertently changes the supporting documents for your tax return: Choose Edit, and then Preferences. Choose Accounting, and then click on the Company Preferences tab. As shown in Figure 1, you can use this … Read More

Mutual Fund Buyers: Beware of a Potential Tax Surprise!

Brian SingletonBlog, Old Site, Watch Your Wallet

The stock market has made headlines this year with record volatility, record drops, and even record gains. And while many investors are still sitting on the sidelines, you may already be looking for bargains amidst the wreckage. So, we’re writing to alert you to a possible problem with acting now. Are you considering buying mutual funds in a taxable account (as opposed to an IRA or 401K)? Then you should be aware that most funds distribute capital gains this time … Read More

Tax Facts About Capital Gains and Losses

Brian SingletonBlog, Old Site, Watch Your Wallet

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only capital losses on investment property, not personal property. Here are a few tax facts about capital gains and losses: … Read More

Living Trust 101

Brian SingletonBlog, Old Site, Watch Your Wallet

A trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property. A flesh and blood person, however, must actually be in charge of the property; that person is called the trustee. You can be the trustee of your own living trust, keeping full control over all property legally owned by the trust. There are many kinds of trusts. A “living trust” (also called an “inter vivos” trust) is simply a trust … Read More

Tips for Recently Married or Divorced Taxpayers

Brian SingletonBlog, Old Site, Watch Your Wallet

Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund. For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes her husband’s last name, but doesn’t tell the SSA about the name change, a complication may result. If the couple files a joint tax return with … Read More

10 Overlooked QuickBooks Reports That You Should Use

Brian SingletonBlog, Old Site, Watch Your Wallet

Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook. Even if you are using some of these reports, we’re sure you’ll find a few more to add to your repertoire. 1. Profit & Loss Summary Prev Year Comparison To access this … Read More