Job Search Expenses May Lower Your Taxes

Brian SingletonBlog, Watch 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

The Affordable Care Act and You

Brian SingletonBlog, Watch 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!

Tax Consequences of Getting Married

Brian SingletonBlog, Watch 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

Early Retirement Plan Withdrawals and your Taxes

Brian SingletonBlog, Watch 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

Tips for Safeguarding Financial Records

Brian SingletonBlog, Watch 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

Article: Tax Planning for 2015

Brian SingletonBlog, Watch Your Wallet

Good article over on Accounting Today: This year’s tax planning is going to be heavily focused on accelerating deductions and maximizing tax credits, according to Evan Stephens, a tax manager at the business consulting and accounting firm Sensiba San Filippo.  “However, taxpayers should be advised that a number of tax benefits available in 2013 are not yet available in 2014, as Congress has let some very popular provisions lapse for 2014 and has yet to reinstate them into law for … Read More

Tips on Deducting Charitable Contributions

Brian SingletonBlog, Watch Your Wallet

If you are looking for a tax deduction, giving to charity can be a “win-win” situation–good for them and good for you. Here are eight things you should know about deducting your gifts to charity: 1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts to individuals, political organizations or candidates. 2. In order for you to deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, … Read More

How to Save for College Tax-Free

Brian SingletonBlog, Watch Your Wallet

According to a 2014 study published by the Federal Reserve Bank of San Francisco, researchers found that over a lifetime, the average U.S. college graduate will earn at least $800,000 more than the average high school graduate–even after taking into consideration the cost of college tuition and the four years of lost wages it entails. So even though tuition and fees are always on the rise, most people still feel that a college education is well worth the investment. That … Read More

Tax Rules for Children with Investment Income

Brian SingletonBlog, Watch Your Wallet

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. Here’s what you need … Read More

Leaving a Business: Which Exit Plan is Best?

Brian SingletonBlog, Watch Your Wallet

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. The more you understand about each one, the better the chance is that you will leave your business … Read More