The Internal Revenue Service has recently consolidated the procedure for requesting relief for businesses that make late elections to become S corporations. The new streamlined relief comes in the form of Revenue Procedure 2013-30 which was drafted by David Kirk and published earlier this month. This new procedure combines the provisions of several existing […]
Business Tax Preparation
Tax Preparation – Simple Tax Breaks
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 […]
Business Tax Preparation – Tax Tips for Small Businesses
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 […]
Small Business Tax Tips
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 […]
Important Tips for Keeping Tax and Business Records Safe
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 […]