Author Archives: kristynhill

  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

To keep a business organized and running smoothly, it is critical to keep important documents secure and to have a backup plan.  This blog will provide you with simple, yet important, tips to keeping your business and tax records safe. Well planned business preparation is key! When in Doubt….Scan.  Businesses have so much paperwork that it may seem endless.  However, scanning and digitally archiving documents makes them easy to store and easily accessible. They also serve as great documentation for tax purposes. In addition to saving on storage space, digitally archived files can serve as a great backup for many … Click to Read More

Many wealthy people who are retired or are planning to retire may be surprised to find out that taxes will most likely still haunt them in future years. Some retirees may be under the impression that if they invest their money in real estate, stock index funds, or municipal bonds they can avoid paying federal income taxes. They may believe that the money generated from these investments is either tax free or that the tax is somehow eliminated. However, there is one very important factor that is often overlooked. Many of these wealthy individuals will be taxed on distributions from … Click to Read More

Currently in the United States there are about 9.8 million people employed with the federal government. A growing percentage of these employees are delinquent on their taxes.  It seems workers including Social Security Administration, Homeland Security Administration, U.S.Postal workers, Departments of the Navy, Army, and Defense, among others owe the government about $3.5 billion in unpaid taxes for the year of 2011. This number is up from previous years. On March 8th the Federal Employee/Retiree Delinquency Initiative (FERDI) released the information that about 312,000 workers owe the government a total of $3,519,410,517. The U.S Postal service owes the most at … Click to Read More

One thing is certain besides taxes….you probably will want to stay on IRS’s good side! Here are some common items you may come upon this tax season. These are a few terrible tax surprises and how to handle them! Alimony Collected Now that you made it through the divorce you will also have to accept the fact that the IRS is going to take some of your alimony. It is important to know that alimony is completely taxable. Alimony and other similar payments of the type from your former spouse are taxable the year that you receive them. Child support … Click to Read More

In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to be on high alert for such thefts. Here is how it works: Somehow the criminal gets access to a person’s social security number and then they file a fraudulent claim and receive the refund check. One couple found out when they went to file their … Click to Read More

It’s that time of the year again! People need to start thinking about their taxes. Wednesday, January 30th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22nd, but the fiscal cliff debate pushed the start date back. Everyone needs to start organizing and preparing to file their taxes. Generally, you can expect your refund three weeks after the IRS receives your return. Last year, over 110 million taxpaying citizens received an average refund of $2,803 each. However, there are certain taxpayers who will need to wait to file. Those taxpayers who … Click to Read More

In January 2013 people opening their first paycheck of the year may be in for a surprise. Their paycheck will be less money than usual. This is due to a bill that congress let expire during the fiscal cliff fallout. Two years ago a temporary cut in Social Security withholdings gave American workers hundreds of additional dollars to spend. However, now taxes have gone back to 6.2% of the salary as compared to the temporary cut of 4.2%. Many are wondering if this pay cut could prevent economic growth or is it just a temporary setback? Companies may notice that … Click to Read More