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Tax Information
More Articles from Tax Information: What to do if you can’t pay the taxes you owe The Associated Press Income tax credits available for Nebraska community colleges' property taxes, must be requested Nebraska Examiner Tax Tips for Those Who Haven’t Filed Their 2024 Returns The New York Times The IRS plan to expose data on undocumented workers threatens nearly $100 billion in tax collections Fortune Moore defends budget balanced with new taxes as ‘deeply responsible’ The Baltimore Banner TAS Tax Tips: Need options for when you owe federal taxes, but can’t pay in full? National Taxpayer Advocate Advantaging Affluence: A Distributional Analysis of Missouri HB 798’s Uneven Tax Cuts for Wealth and Work Just Taxes Blog County proposes more taxes, cuts to public safety Fairfaxtimes.com Poll: Out-of-state schools should not get West Virginia taxes Parkersburg News 6 on Your Side Consumer Confidence: Owe taxes? You have options. ABC 6 News KAAL TV Gov. Little signs Idaho property tax cut bill, raising total cuts this year to over $400M Idaho Capital Sun Bill to plug ‘missing year’ of Nebraska property tax relief for schools on pause for now Nebraska Examiner Securing Property Tax Relief in Iowa Tax Foundation Gas tax increase is key to fueling WA Senate transportation budget Washington State Standard Republicans’ ‘historic’ tax-cut plan attempts to give SC competitive edge South Carolina Daily Gazette Vice chair of House panel says tech tax drove decision to move business to Virginia Maryland Matters Moore says tax cuts give ‘breathing room to middle class’ Maryland Matters How Trump’s opposition to global tax deal may affect businesses The Tax Adviser Ask the Editor: Four Reader Tax Questions, March 28, 2025 Kiplinger's Personal Finance Kansas Legislature passes tax relief with talk of broken promises and out-of-control spending Kansas Reflector Pharmalittle: We're reading about FDA losing key personnel, a 'colossal' Pfizer tax dodge, and more STAT Gov. Reeves signs typo tax overhaul bill into law to phase out income tax, trim grocery tax and raise gasoline tax Mississippi Today Kansas Senate falls one vote short of approving constitutional amendment on property taxes Kansas Reflector Will Florida add Second Amendment sales tax holiday on gun sales? It won't be first state Tallahassee Democrat After intense debate, Maryland House approves budget with additional tax hikes The Baltimore Banner Austin leaders preparing to seek voter approval for tax rate hike Community Impact Tax Day Is Almost Here. Millions of Americans Haven’t Filed Yet. The Wall Street Journal This group says RI municipalities need to give more money to schools. Here's how. The Providence Journal Master Restaurant Taxes with These 5 Daily Practices QSR magazine Property tax deadline is Monday Cape Coral Breeze “We need a revolution”: OH property tax protests signal broader uprising against GOP tax policy cleveland.com West Texas lawmakers push bills to divert some oil and gas taxes to help oil-producing counties with roads, other needs The Texas Tribune Tax rate election looks likely for Austin this year Austin Monitor A $1,000 check to lower your property tax bill? Iowa Democrats propose homeowner rebate Des Moines Register Oregon Anti-Alcohol Advocates Introduce HB 3197 Beer & Wine Sales Tax New School Beer + Cider Exclusive: India weighs scrapping import tax on US LNG, boost purchases, sources say - Reuters India Department of Taxation and Finance New York State Department of State Florida residents would pay $5 billion less in sales taxes under House speaker's plan Tallahassee Democrat North Carolina Tries Mimicking Trump’s Tips and Overtime Proposal, But Should Be Cautious Tax Foundation Statewide Poll Suggests Most Residents Are Open to Paying New Tolls, Taxes for Better Transportation Streetsblog MASS Don't use a credit card to pay taxes: experts FOX 35 Orlando Committee advances North Dakota property tax bill but reduces level of tax credit North Dakota Monitor Fast-Forwarding Tax Cuts National Review DOGE caucus leader demands IRS crackdown as nearly 6K staff owe up to $46M in back taxes Fox Business Real Madrid coach Ancelotti to go on trial for alleged tax fraud Al Jazeera English What to do if you can't pay the taxes you owe The Sun Chronicle Florida House proposes ‘historic’ cut to sales tax News 13 Orlando Cook County property tax bills up 78% as values rise 7% Illinois Policy Lawmakers propose tax relief for truck drivers FreightWaves Cannabis Research Woefully Undersupported by State Sales Taxes, Says New Report Business of Cannabis - County to hire new tax attorney Patriot Publishing LLC Lawmaker frets being ‘high’, as in taxes, is not good for the health (wealth) of cannabis stores Manteca Bulletin Extending the Trump Tax Cuts Would Harm the Economy and Raise Consumer Borrowing Costs While Pushing Up Debt Center For American Progress Some of Murphy’s proposed taxes won’t survive, Senate Democrat says NJ Spotlight News Mapped: How State Income Taxes Have Changed Since 2000 Visual Capitalist Seattle’s payroll tax collects less than expected, adds to budget woes The Seattle Times Most Americans continue to favor raising taxes on corporations, higher-income households Pew Research Center Ending Taxes Below $150,000 Would Lose $10 to $15 Trillion-2025-03-21 Committee for a Responsible Federal Budget Last Year We All Got Far More Bang For Our Tax Payment Bucks Santa Fe Reporter I made a big tax mistake when I filed my taxes this year — but this time, I'm doing it again on purpose Business Insider |
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RELATED ARTICLES
How To Get An Instant Pay Raise As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt. Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions Adding Your First Additional Stream of Income Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. How Likely Are You To Be Audited? Statistics for Individuals Home Business Tax Tips If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Get Uncle Sam To Pay $36,000 For Your Childs Education! Let's assume that you would like to begin saving for your children's education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education purposes. Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money Why a Corporation Helps Save You Taxes Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes. Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions. 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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. Another area, which causes many business owners to overpay, is being given incorrect advice by their CPA, tax preparer or even the IRS directly. In a poll performed by Money Magazine, the average tax preparer, prepares an average of 480 returns between February 1st and April 15th, that is a lot of returns in a relatively short amount of time which makes it difficult for your return to get the time and attention it deserves. This same poll also found there was an average discrepancy of 300% between what the tax preparers said was due and what was actually due. Moreover, in a poll of 50 professional tax preparers, consisting of 10 basic tax questions, none answered all 10 questions correctly and only 34 got at least half correct. This problem does not extend to just tax preparers or CPA's. In the IRS's 2001 assessment of their own 544 call centers, they found that 50% of the time, their representatives gave incorrect or insufficient advice. 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. In addition, talk to those clients to get there first hand insight. � Is willing to pay for a second review of your tax returns to ensure accuracy. � Is willing to take MSN's online Tax IQ Test at http://moneycentral.msn.com/investor/calcs/n_taxq/main.asp. Although designed for consumers, this test contains basic tax information that even junior level tax preparers should know. Just as you trust a surgeon with your life, you trust this individual or company with your money and confidential information. Be highly selective and do not be afraid to put them through a rigorous qualification. If they are not willing to participate in your qualification then either they do not know their stuff or, your business is not that important to them. If you already filed your taxes or think you might have missed out on deductions, have been given bad advice or failed to take advantage of a tax law change which could reduce your liability for previous tax years, what can you do? 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. When it comes to your taxes, always get a second opinion to ensure you are not paying more than you should and, you can even hit pay dirt by looking back. A Taxing Investment April 15 - The most dreaded day of the year is right around the corner. Are you ready? Some of the most neglected (and misunderstood) tax issues are those related to your investments. If you invest with taxes in mind, you can avoid a nasty surprise when Uncle Sam comes to collect. Tax Reduction Tips In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle. Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent? Tilting the Tax Laws in Your Favor. Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!) We all love to criticize the IRS, don't we? And I'm just as guilty as anyone. 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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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