Watch Your Wallet, September 2008, Volume 2008, No. 9

AD Singleton & Co, CPA, Inc.'s

Watch Your Wallet!

A newsletter for clients and friends.
September 2008 | Published by ADSCPA

A collection of practical tax and financial tips, articles, and resources targeted to help you watch your wallet and keep what you earn.

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Tax Tips

If you drive a car or truck, you've probably noticed that gas is pricey! With gas prices so high, it's important to choose the right way to deduct car and truck expenses.

On Wednesday, July 30, President Bush signed the "Housing and Economic Recovery Act of 2008." While the bill focuses on protecting lenders and preventing foreclosures, there are three other tax provisions worth noting.

If you filed a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, you can still receive an Economic Stimulus Payment for 2008.

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.

Generally, most income you are taxed on income that is available to you regardless of whether it is actually in your possession, constructive receipt of income. But there are some situations when certain types of income are partially taxed or not taxed at all.

Do you have to pay tax on a gift you give?

See the September tax due dates.

Business

SIMPLE plans really shine for self-employed business owners, and here's why.

Finance

Create a Living Will, update your will, and review your Budget vs. Actuals

Life insurance protects your family in the event of death. Most people do not have the right amount of insurance. It is important to determine the amount that suits your needs.

Quickbooks

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.