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| Tax Information |
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Tax Information
More Articles from Tax Information: Obscure Tax Item in Trump’s Big Bill Alarms Wall Street Bloomberg.com Foreign tax provision in Trump budget bill spooks Wall Street Financial Times Hawaii's first-in-the-nation climate change tourist tax expected to generate nearly $100M annually ABC7 Los Angeles Floridians: Don’t let Washington raise your taxes while you’re not looking | Opinion Tallahassee Democrat Don’t Increase Taxes and Crowd Out Civil Society National Review Republicans running to become New Jersey governor want tax cuts New Jersey Monitor Sources of US Tax Revenue by Tax Type, 2025 Tax Foundation Radford just raised property taxes almost 20% and still hasn't paid some bills. Here's why the city is financially stressed. Cardinal News The One Big Beautiful Bill Act: An Initial Analysis of Key Tax Proposals Skadden, Arps, Slate, Meagher & Flom LLP THU PM Update: Taxes among next items Joint Finance plans to tackle next, but no details on when WisPolitics Morning Skate: The hand thing means taxes Stanley Cup of Chowder What now? Homeowners look for answers after property taxes go up KMTV 3 News Now Omaha Property tax rebate applications open this weekend City of Overland Park, Kansas Taxes in New Jersey NJ Spotlight News Extra town hall set to answer questions about property taxes and assessments South Bend Tribune NC House, Senate Republicans differ on tax cuts. What taxpayers need to know Raleigh News & Observer Budget Reconciliation: Tracking the 2025 Trump Tax Cuts Tax Foundation Florida’s Property Tax Reform Push: Weighing the Options Amidst a Lack of Consensus on the State Budget Tax Foundation Iowa Legislature trims taxes, kicks property tax reform to next year TelegraphHerald.com Making the Corporate Alternative Minimum Tax Less Silly Tax Foundation Escanaba property taxes stay the same in new budget Upper Michigan's Source GOP rejects ‘millionaire tax’ pitch, advancing breaks for rich Americans The Washington Post Meals tax draws criticism as Fairfax moves forward Fairfax Times What Houstonians want. And what Mayor Whitmire is giving us instead. Houston Chronicle Ohio lawmakers explore income tax cuts as property taxes rise WOSU Public Media The cost of permanent tax cuts Punchbowl News "Obscure" Proposed Tax Measure Gives Wall Street, International Investors The Jitters – Report Family Wealth Report Eliminating property taxes could ‘cripple’ Ohio governments, critics say Hamilton In-depth, Investigative News from Journal-News House Bill Takes Aim at Tax Break for Sports Owners The New York Times Reconciliation Bill Provisions Targeting Tax-Exempt Organizations Affect Hospitals The National Law Review Property values up in St. Lucie for 13th straight year, but growth continues to slow here Treasure Coast News Martin County's tax base gets a huge boost from Atlantic Fields Treasure Coast News JACKSON: NC House Republicans committed to reducing taxes responsibly The North State Journal Hohman: State’s 2025 tax debate should be a budget debate instead The Detroit News A new round of property tax cuts is headed to Abbott and Texas voters Houston Chronicle Cutrona bill would provide 50% property tax reduction for seniors mariettatimes.com Ferguson signs budget boosting Washington state spending and taxes Washington State Standard When does no tax on overtime start? Senators to vote on Trump's 'big beautiful bill' Austin American-Statesman Property taxes due Havre Weekly Chronicle Exempting tips from taxes could hurt employees, critics say The Washington Post Pay more taxes and receive less FlowingData Analysis of Tax Provisions in the House Reconciliation Bill: National and State Level Estimates itep.org Notice of Public Auction of Tax-Defaulted Property for Delinquent Taxes – June 19-23 2025 The Plumas Sun Exclusive | Universities Map Out New Investment Strategies to Deal With Tax Hike on Endowments - WSJ Facing scrutiny, Second Chance is tangling with the IRS The Baltimore Banner What 'no tax on tips' really means for service workers—and everyone else University of Colorado Boulder Georgia tax rebate: Here's when you may get your money FOX 5 Atlanta The One, Big, Beautiful Bill Delivers On President Trump’s Priorities House Ways and Means (.gov) With Data Centers, Property Tax Revenue Spikes in Leesburg LoudounNow.com Local property tax authority likely headed for House vote The Center Square US solar sector races to safe harbor equipment ahead of tax cutoff pv magazine International What’s in the 2025 House Republican Tax Bill? Bipartisan Policy Center What the Trump Tax Plan Could Mean for Families Money/ US News Collier moves forward on ballot referendum to boost tourism taxes Gulfshore Business Dubious Credit Promotion Intensifies Campaign for Tribal Tax Law news.bloombergtax.com |
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Either: How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS. Do not count on the IRS to tell you if you have overpaid because they are not required to but you can file an amended return for up to three years. Chances are, you either prepare your business taxes yourself or have your tax preparer or CPA does them. There a number of issues surrounding either tax preparation method, which can result in your tax liability being calculated as higher than it actually is including missed deductions, numerous changes in tax laws or being given incorrect advice. As a home-based business professional, there are a number of deductions you are entitled to which many tax preparers often miss. For example, if you run a home office you are entitled to deduct expenses for the percentage of square footage the home office is occupying. Expenses include the combined total of mortgage interest, property taxes, utilities, repairs, etc. For example, if 250 square feet of a 1,000 square foot house is being used for a home office, you are entitled to deduct a quarter of your total expenses. Although some deductions may seem minor, over an entire year, they can add up to thousands of dollars that you are unnecessarily paying the IRS. That is money that you could be using to grow your business. Karen McClafflin, owner of home-based Secret Canyon Realty in Colorado Springs, CO, was able to recover $11,000 when her tax preparer failed to include home office and automobile deductions in her past returns. 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Whether you do your taxes yourself and had to call the IRS for clarification on an issue or your CPA did, odds are the answer was not accurate. The United States tax law is one of the most complex in the world. Not to mention, tax laws change every year and have changed tremendously in the last couple of years. Even the best tax preparer, CPA or even IRS representative can easily make a mistake or, forget to use an exemption which could reduce your tax liability. If you have not yet filed your taxes, it is a good idea to get a second opinion from an independent source. The extra money and time spent in doing this could save you thousands. Look for someone or a company who: � Has sufficient years preparing home-based business tax returns � Prepares less than the average number of returns between January and April so that your return gets sufficient time and attention. � Have had clients get a second opinion. 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If you can't imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses. Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane Deducting Your Auto Expenses
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