This article is for personal and business tax preparation. Here are some simple tips for tax breaks that will save you money. Know the worth of charitable contributions. According to CPA and Vice President of TurboTax Bob Meighan, many taxpayers underestimate their contributions to charity. Some of the items that are commonly overlooked include mileage, out-of-pocket expenses and the value of used goods.  Although you cannot deduct the value of the time you spend volunteering, you can claim a tax break for mileage incurred while driving to and from your volunteer location. You simply keep a record of how … Click to Read More

Small businesses sometimes feel dwarfed by the large corporations that appear to dominate the modern day. However, being a small corporation has its hidden benefits. Business tax preparation is key. The government has provided small businesses with certain tax deductions that can truly be rewarding. Such deductions are an effective way to keep any company out of the red. Perhaps you have heard of some the simple tax deductions outlined below. Here are some tax tips for small businesses: Phones – We’re not talking about office work phones, but actually cell phones! Cell phones are becoming more and more prevalent … Click to Read More

Russell Fox’s Las Vegas based company, Clayton Financial & Tax, prepares returns for over 900 small business and individual clients annually. Fox is an Enrolled Agent and the author of a new book, Tax Strategies for the Small Business Owner.  Enrolled Agent status is the highest credential that the IRS awards and allows certified individuals to represent the taxpayer before the IRS.  In his book, Fox offers the following tax tips for small business owners and the self-employed: Using a Professional:  Although individuals with simple returns and no deductions might want to take advantage of the free software offered by … Click to Read More