Tax Facts: Medical and Dental Expenses

Brian SingletonBlog, Watch Your Wallet

If you, your spouse or dependents had significant medical or dental costs in 2015, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You can only claim medical expenses that you paid for in 2015, and only if you itemize on Schedule A on Form 1040. If you take the standard deduction, you can’t claim these … Read More

Start Planning Now for 2016 Taxes

Brian SingletonBlog, Watch Your Wallet

You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? That’s right. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are six tips to give you a leg up on next year’s taxes: 1. … Read More

Claiming an Elderly Parent as a Dependent

Brian SingletonBlog, Watch Your Wallet

Are you taking care of an elderly parent or relative? According to the U.S. Census Bureau, there were 44.7 million people age 65 and older in the United States in 2013, more than 15 percent of the total population. Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own … Read More

Turn Your Vacation into a Tax Deduction

Brian SingletonBlog, Watch Your Wallet

Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on his vacation. Here’s how he did it. 1. Make all your business appointments before you leave for your trip. Example: Tim wants to vacation in Hawaii. If he places several advertisements for distributors, or contacts some of his downline distributors to perform a presentation, then the IRS would accept … Read More

QuickBooks: How Custom Fields Provide Better Business Insight

Brian SingletonBlog, Watch Your Wallet

QuickBooks makes it possible for your business to create very detailed records for customers, vendors, employees, and items. In fact, you may find that you rarely make use of every field each contains. But you may also find that there are additional fields that you’d like to see in your predefined record formats. That’s where custom fields come in. QuickBooks lets you add extra fields and specify what their labels should be. You can define up to 12 total fields … Read More

Seven Tips to Determine if Your Gift is Taxable

Brian SingletonBlog, Watch Your Wallet

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are not taxable gifts: Gifts that do not exceed the annual exclusion for the calendar year, Tuition or … Read More