The Best Financial Tool for Business Owners

Brian SingletonBlog, Old Site, Watch Your Wallet

If there were a tool that helped you create crystal-clear plans . . . that provided you with continual feedback on how well your plan was working . . . that told you exactly what’s working and what isn’t, allowing you to consistently make smart business decisions to keep your business on track for success – wouldn’t you want to take advantage of it? Well, there is such a tool. It’s called the Budget vs. Actual report. Clarifying Your Plan … Read More

Protecting Your QuickBooks Data Against Hackers

Brian SingletonBlog, Old Site, Watch Your Wallet

Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. But all of your careful work is for naught if a malicious hacker gets in to your computers, or if you experience identity theft by an employee. Social Security and credit card numbers, home phone numbers and addresses, an excruciatingly detailed profile of your company – all can be lost in … Read More

How to Avoid Penalties on Your Household Helpers

Brian SingletonBlog, Old Site, Watch Your Wallet

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties. As you will see, these rules are quite complex, even for a relatively minor employee, and a mistake can bring on tax headaches. Who Is a Household Employee? The “nanny tax” rules apply to you only … Read More

Receive a Faster Refund with Direct Deposit

Brian SingletonBlog, Old Site, Watch Your Wallet

The New Year has arrived, which means . . . it’s tax time! This year, do you want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts last year. It’s the secure and convenient way to get money in your wallet faster. Security. The payment is secure – … Read More

Is It Time to Adjust Your Pricing? How QuickBooks Can Help

Brian SingletonBlog, Old Site, Watch Your Wallet

Changing the prices of your company’s services and inventory items can solve one of two problems, depending on why you’re looking for a solution. Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin. Or maybe an item or service has not been moving well. A drop in price might trigger improved sales. Those examples, of course, are simplifications of what needs to be a thoughtful, studied process. They’re … Read More

10 Things You Should Know About Identity Theft

Brian SingletonBlog, Old Site, Watch Your Wallet

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are ten things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist. Identity thieves get your personal information by many different means, including stealing a wallet or purse or accessing information you provide to an unsecured Internet site. … Read More

What Income Is Nontaxable?

Brian SingletonBlog, Old Site, Watch Your Wallet

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession. But there are some situations when certain types of income are partially taxed or not taxed at all. Here are some examples of items that are NOT included in your income: Adoption expense reimbursements for qualifying expenses Funding of your Health Savings Account with a one-time direct transfer from your individual retirement plan, health reimbursement account, or health flexible spending … Read More

Coverdell Education Savings Accounts

Brian SingletonBlog, Old Site, Watch Your Wallet

A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses … Read More

Estimated Tax Payments – Q&A

Brian SingletonBlog, Old Site, Watch Your Wallet

Question: How do I know if I have to file quarterly individual estimated tax payments? Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. You must make estimated tax payments for the current tax year if both of the following apply: You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. You expect your withholding … Read More

Itemizers Can Deduct Certain Taxes

Brian SingletonBlog, Old Site, Watch Your Wallet

Did you know that you may be able to deduct certain taxes on your federal income tax return? You can receive these deductions if you file Form 1040 and itemize deductions on Schedule A. Deductions decrease the amount of income subject to taxation. There are five types of deductible non-business taxes: State and Local Income or Sales Taxes You can choose to claim a state and local tax deduction for either income or sales taxes on your return. You can … Read More