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Tax Information
More Articles from Tax Information: Musk’s ‘DOGE’ commission eyes new app for Americans to file taxes The Washington Post DOGE's potential first target is a mobile app for filing your taxes Business Insider How Trump’s Tax Cuts and Tariffs Could Turn Into Law The New York Times How Trump's rich Cabinet members could save millions thanks to a little-known tax break Business Insider Summary of the Latest Federal Income Tax Data, 2025 Update Tax Foundation ‘Charter’ cities are gaining popularity in California, but voters are worried about new taxes San Francisco Chronicle The push for climate taxes gets real in Baku Financial Times All I Want for Christmas? Property Taxes Bloomberg Lackawanna hikes taxes 33% WNEP Scranton/Wilkes-Barre Oregon’s new state economist comes bearing gifts to lawmakers and taxpayers alike Oregon Public Broadcasting Act now for $7,500 EV tax credit: There's 'real risk' Trump will axe funding in 2025, lawyer says CNBC Trump's cut to Biden's EV tax credit, backed by Musk, may impact auto industry, experts say Fox News City of Aiken Official Notice of 2024 Taxes Due City of Aiken, SC (.gov) Where are most of the largest school property tax bills in Bucks County? See our list here phillyBurbs.com Louisiana lawmakers search for ways to pay for Landry’s proposed income tax cut Louisana Illuminator Thomas County considers sales tax proposal to reduce property taxes WTXL ABC 27 Tallahassee News Croatia Set to Raise Taxes on Vacation Rentals Skift Travel News Chicago budget: Businesses oppose proposed liquor tax hike in Mayor Brandon Johnson's budget plan ABC7 Chicago Congress Should Avoid Burdening Consumers with New Taxes on Broadband Internet Service American Legislative Exchange Council State Rundown 11/20: Some Budgets and Tax Proposals Fail to Defy Gravity, Fall Short Just Taxes Blog Legislative leaders talk energy, taxes in Indiana Chamber Q&A Winchester News Gazette 'Kicker' tax rebate, lately a guarantee for Oregon taxpayers, may soon be few and far between KGW.com Lackawanna County’s tax hike is finalized. Now can we get along? WNEP Scranton/Wilkes-Barre Taylor Sentenced To Year In Prison For Unpaid Taxes Case Greater Wilmington Business Journal Where are property taxes rising the fastest? Look to Texas The Dallas Morning News Kenya's Latest Tax Pitch Forbes Rep. Gwen Moore predicts President-elect Trump's tax proposals will need bipartisan support Wisconsin Public Radio News The Tax Stakes for 2025 Tax Foundation Chicago woman loses home despite paying property taxes on time — sold for ‘delinquent taxes.’ Yahoo Finance Montana lawmakers told property taxes could rise again if assessment rate unchanged - Daily Montanan H&R Block and Intuit drop on a report that Elon Musk's DOGE may develop a new tax-filing app CBS News How higher property taxes increase home affordability Federal Reserve Bank of Minneapolis Burrell supervisors defy darkness, freeze taxes Indiana Gazette Haverhill Reports $9.5 Million Surplus a Day After Setting Taxes; to Pay 3.53% on 20-Year Loans WHAV News When given a choice, voters embraced tax fairness Nevada Current Whatcom County Council votes 4-3 to adopt budget with an overall 2.7% increase in taxes Cascadia Daily News Idaho’s Luma system didn’t catch $14.5 million that should go to additional property tax cuts Idaho Capital Sun Louisiana lawmaker says he’ll shrink proposal to apply sales tax to services Louisana Illuminator New York state: October sales taxes down in area Olean Times Herald What could endowment taxes under Trump mean for Yale? Yale Daily News Might Green Subsidies Trump Pollution Taxes? Energy Institute at Haas Indiana County real estate taxes could rise again in 2025, this time by 7% The Wellsboro Gazette Burrell supervisors defy darkness, freeze taxes The Wellsboro Gazette How Property Taxes Can Help Low-Income Countries to Develop International Monetary Fund Top Indiana Senate fiscal leader points to local income taxes as ‘backfill’ for property tax cuts State Affairs "We currently do not have the funds to pay these taxes": City of Archer declares financial emergency after failing to file six quarters of payroll taxes Alachua Chronicle A West Texas lawmaker wants to redirect millions of tax dollars to plug abandoned wells, curb emissions The Texas Tribune Nonprofits Oppose Bill That Would Give Treasury Unilateral Power to Revoke Tax-Exempt Status The Chronicle of Philanthropy H-F abates $5.24 million in taxes for 2024 levy The Homewood-Flossmoor Chronicle Fight over 8% tax hike central to Snohomish County budget talks The Daily Herald Treasury, IRS Final Regs on Direct Pay Expand Clean Energy Tax Credit Access CPAPracticeAdvisor.com Japan Moves Forward with Stimulus Package and Sweeping Tax Reforms Brave New Coin Insights Tariffs and taxes are not very inflationary Financial Times Bar and restaurant owners sound alarm on Mayor Johnson’s 35% alcohol tax hike plan - Chicago Tribune Manitowoc County Board approves $108M budget for 2025 as some express sales tax regrets Herald Times Reporter SC Republicans hopeful for tax reform, vouchers with new Senate supermajority South Carolina Daily Gazette Sun Belt State Housing Market Property Taxes Heat Up Housing Notes Goodbye to record-breaking kicker tax rebates? Oregon’s new state economist revamps revenue forecast OregonLive Revenue department says property taxes could rise again Montana Free Press Louisiana Lawmakers Considering Deeply Regressive Tax Plan Just Taxes Blog Despite critics, city overrides tax cap Evening Observer Appeals court rules counties cannot stack Missouri marijuana taxes Missouri Independent Louisiana lawmakers not keen to expand sales taxes, putting Landry plan in jeopardy Louisana Illuminator |
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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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The good news is that by law, the IRS is required, for up to three years, to review your returns and records as many times as needed to find errors. You have the same three years to get a second opinion and file an amended return. In fact, in 2002, 3.3 million taxpayers filed an amended return. Samuel Rowley, owner of Muffler Masters in Colorado Springs, was able to recover $14,500 through the filing of an amended return when it was found that he overpaid FICA and payroll taxes. You may worry that an amended return will trigger an audit however; the IRS itself admits this is not the case. In 2002 alone, 3.3 million taxpayers filed an amended return. The IRS is not the big, bad agency we used to know. In fact, statistics show that audits are down and continue to decline. Businesses throughout the U.S. overpay their taxes to the tune of billions each year and your money could be part of the billions that is overpaid. 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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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