If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.

As a small business owner, you're probably busy monitoring operations and dealing with everyday problems. But there are five important aspects of your business strategy that you should review and update every year. These updates are essential to maintain successful small business growth strategies. 

April 15th has come and gone. How did you fare on tax day this year? Did you easily gather all of the information needed to complete your business and individual tax returns for the year? If not, chances are that your record keeping system needs some help. Maybe it's time to consider income tax services. 

If you are investing in rental property, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.

Capital assets consist of many personal things that you own and use, either for investment or pleasure. If you decide to sell a capital asset, the IRS looks at the difference between what you paid for it and the price you earned on the sale. That difference is known as a capital gain or a capital loss.

There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs. 

As a small business owner, it is important to stay proactive with your financial details and stay current with your tax planning. Some people think that it is a good idea to save money by trying to do their taxes on their own, but the truth is that there are many benefits to working with a Certified Public Accountant (CPA) throughout the year.

It's that time of year! Maybe you are already gathering documents and determining what you owe – and, more importantly, what you can deduct.  Maybe you are more of a last minute person. Either way, here is some help for  preparing your 2014 tax returns, including five tax changes to anticipate in 2015:

Do you know who you have designated as beneficiaries on your insurance policies and retirement accounts? It’s not uncommon to forget, especially when the decisions were made years ago. It’s proably time to review and, if necessary, update those designations.

Are considering the sale of your principal residence? You probably know that you will be able to exclude up to $250,000 of gain ($500,000 for most joint filers).  IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home.