Tax Preparation – Simple Tax Breaks

Posted on: August 8, 2013

  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 … [Read more…]

Business Tax Preparation – Tax Tips for Small Businesses

Posted on: July 31, 2013

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 … [Read more…]

Small Business Tax Tips

Posted on: July 25, 2013

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 … [Read more…]

Important Tips for Keeping Tax and Business Records Safe

Posted on: July 18, 2013

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 … [Read more…]

Retirees: IRAs and Taxes

Posted on: June 24, 2013

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 … [Read more…]