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Tax Information
More Articles from Tax Information: Wisconsin Supreme Court backs Catholic Charities' tax exemption Milwaukee Journal Sentinel Hunter Biden disbarred in Connecticut following complaints about his gun and tax convictions ABC News Opinion | Chicago has lost its mind The Washington Post Cook County property taxes funding pensions more than service Illinois Policy Democrats say they need leadership green light to back GOP bills to extend ACA tax credits thehill.com Maneuver to shore up WA’s transportation budget could be reversed Washington State Standard Study: Eliminating or slashing property taxes would deeply undermine city services in Florida Florida Politics Guest column: Oregon hotels don’t need higher taxes bendbulletin.com How AI-powered anomaly detection catches indirect tax errors Thomson Reuters tax You'll pay more in property taxes. Thank Wisconsin lawmakers | Opinion Milwaukee Journal Sentinel City of Paris sets levy, abates taxes The Prairie Press Abbott has sweeping plan to abolish Texas’ school property taxes – would it work? Longview News-Journal Make Elon Musk the world’s richest man this Christmas, petition demands Tax Justice Network Queen Creek taking broad look at fees, taxes Queen Creek Tribune Proper Planning for Taxes On New Jersey Oregon tax opponents turn in ‘nearly 200,000′ signatures Oregon Public Broadcasting - OPB Watchdog report finds SLPS loses $2,360 per student annually from tax incentives for developers STLPR Big Businesses Are Cashing In on Trump’s Tax Cuts The New York Times Letter | Property taxes unsustainable The Cap Times Chicago tax spike caused by a perfect storm: rich vs. poor Loop North News Arizona’s cigarette tax revenue declines, impacting child care funding Arizona Capitol Times Chicago City Council meets as aldermen tweak alternative to Mayor Brandon Johnson's budget, removing garbage fee hike ABC7 Chicago Florida tax fix. St Lucie commission credibility. IRSC radio | Letters Treasure Coast News Treasury reports November revenue collection up 1.3%; corporate business tax collection falls ROI-NJ Don't call it a tax hike? Trump's demand for a cut of Nvidia's China profits raises novel questions POLITICO Pro Tax break for developers of old Vonage property spurs opposition Asbury Park Press Morning Report: Signature Gathering Starts on County Tax Voice of San Diego OPINION: Any Plans to Raise New York’s Taxes Must Be Wholly Rejected Central New York Business Journal Some doubt property tax reform will come in 2026 KOTA Territory News General Fund tax revenues lag again in November Vermont Business Magazine Bloomberg Tax Recognizes Kean Miller Partner Biz New Orleans Hunter Biden disbarred in Connecticut following complaints about his gun and tax convictions - Yahoo 2025 Tax Credits: End-of-Year Planning Telehealth.org Tax deal with developer may help widen Possum Run Road on Mansfield’s south side - Richland Source Board of Trustees votes to propose a property tax levy elginobserver.com West Africa eyes cheaper air travel with planned tax scrap https-//www.semafor.com Texas initiative aims to lower property taxes Texomashomepage.com Yates lawmakers set to fix tax rate error Fingerlakes1.com Here’s where property taxes are hitting Mainers the hardest The Maine Monitor New Tax-Efficient Ways to Diversify From Concentrated Positions Advisor Perspectives Powerball Jackpot Reaches $1.1 Billion—But A WInner Would Take Home Much Less After Taxes - Forbes Yonda Tax Raises $15 Million to Automate Global Tax Compliance CPA Practice Advisor Trump mulls ending taxes on gambling winnings Yahoo Finance Three international companies get tax incentives for jobs in central Ohio The Columbus Dispatch Galloway CID hasn't filed tax reports, paid city fees since 2020 Springfield News-Leader US Tax Patchwork Creates Confusing Snarl for Canadian Businesses news.bloombergtax.com Amidst Questions, Tax Zone Moves Forward The Fayette County Record Italy’s opaque tax system underlies in-house discontent, advisers say International Tax Review Commissioners Weigh Tax Hike To Close Budget Gap LevittownNow.com Increased St. Charles tax levy needed to fund pensions, inflation for services, officials say Daily Herald Charleston conservation groups outline preservation goals that would use transportation tax funds Post and Courier Lawmakers propose tax breaks to save New Jersey diners New Jersey Monitor No more IRS direct file? Here’s how millions can still file taxes free this year The Economic Times Illinois sports betting operators face squeeze as Chicago continues to pursue city levy igamingbusiness.com Elizabethtown residents will see property tax, sewer fee and trash collection increases next year LancasterOnline Brennan pushes for tax increases if elected governor The Center Square County Lodgers’ Tax Advisory Board To Meet Dec. 16 Los Alamos Daily Post It’s Time to Modernize Georgia’s Tobacco User Fee and Add Commonsense Safeguards for a Healthier State Georgia Budget and Policy Institute Charitable giving, 2025 tax laws: What donors need to know SiouxFalls.Business Cayuga County residents raise concerns about vehicle tax Fingerlakes1.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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