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Tax Information
More Articles from Tax Information: Hochul Proposes Cutting Income Taxes for Middle-Class New Yorkers The New York Times Gov. Kathy Hochul proposes $1B income tax cut as she makes post-election affordability push POLITICO Weiss Report: Hunter’s drug use can’t explain away not paying taxes on money earned by 'last name' Fox News Moore announces tax increases for the wealthy to close budget gap The Washington Post After hurricanes Helene and Milton, IRS says 'all of Florida' has till May 1 to file taxes Tallahassee Democrat First-time homebuyer savings accounts, new sales taxes proposed by Nebraska senators Nebraska Examiner Gianforte targets education, taxes and energy policy in State of the State address Montana Free Press Moore: Maryland taxes to go up for some, but not sales or property taxes The Baltimore Banner Capital gains taxes on home sales pose new threat to senior living, prospective residents McKnight's Senior Living Illinoisans may be able to file federal taxes for free; state announces Apple ID licenses Capitol News Illinois How Unauthorized Immigrants Help Finance Social Security Benefits The New York Times My Point of View: Reign in suffocating taxation and the administrative state Albert Lea Tribune Cato Tax Bootcamp: Tax Code 101 Cato Institute Employment opportunities Department of Taxation and Finance Moore drops hints about budget plan, potential tax changes WBAL TV Baltimore Direct File Department of Taxation and Finance The best and worst states for unemployment insurance taxes Accounting Today How do JCT and CBO differ in modeling expiring TCJA tax provisions? Brookings Institution Thomas County proposes major property tax relief with the flexible local option sales tax WTXL ABC 27 Tallahassee News House GOP Bill Aims to Abolish the IRS and Rewrite the Tax Code Kiplinger's Personal Finance Replica landmarks and tourist taxes: How visitor hotspots are fighting back against overtourism Fortune California State Taxes: What You’ll Pay in 2025 AARP States Gianforte Targets Education, Taxes and Energy Policy in State of the State Address - Flathead Beacon Carter introduces bill abolishing IRS, tax code Buddy Carter Spain Looks to Raise Taxes on Holiday Rentals Skift Travel News Hochul proposes NY tax cut, inflation rebate, ‘birth allowance’ for poor moms in State of the State syracuse.com Disaster Relief COUNTY OF LOS ANGELES (.gov) On frontlines of firefight, Governor Newsom meets with first responders, announces tax relief for L.A. County Office of Governor Gavin Newsom IRS announces date tax season will begin. Important tax season deadlines to keep in mind phillyBurbs.com Spain mulls 100% tax on homes bought by non-EU residents to address housing crisis FRANCE 24 English Gov. Hochul favors adding cops to subways, cutting some taxes Spectrum News NY1 On taxes, Utah political leaders divided over what to cut FOX 13 News Utah IRS announces date tax season will begin. Important tax season deadlines to keep in mind The News Journal More Taxes Could Slam New Yorkers Over MTA Budget Shortfall Kiplinger's Personal Finance Mississippi House set to vote this week on income tax elimination-gas tax increase plan Mississippi Today Spain axes popular golden visa, plans 100% tax on foreign buyers in response to housing crisis Fortune Historic MS tax cut would end tax on income, unless you work in porn or are a sex worker Clarion Ledger Montgomery County considers plastic-bag ban, doubling tax on paper bags The Washington Post Georgia's new property tax measure faces pushback as some school districts intend to opt-out 11Alive.com WXIA D202 may hike taxes for safety upgrades Evanston Now Gilt investors warn Rachel Reeves she may need to raise taxes Financial Times Hochul pitches income-tax cut for New Yorkers as piece of her 2025 'affordability' agenda The Journal News 2024 California Fuel taxes… A DOOSEY California Policy Center IRS, Treasury Release Final Rules for Clean Electricity Tax Credits CPAPracticeAdvisor.com North Dakota's new governor eyes 'path to zero' property tax on people's homes. Can it be done? The Associated Press Healey task force turns to existing tax to boost MBTA, transportation infrastructure CommonWealth Beacon New Missouri governor focuses on crime, education, tax cuts in inaugural address Missouri Independent Iowa Legislature convenes for 2025 session with focus on property taxes, schools Iowa Capital Dispatch Watch Iowa Gov. Kim Reynolds propose unemployment insurance tax cuts Des Moines Register IRS postpones tax deadline to May in Alabama, though state has differing deadline - WIAT - CBS42.com MS House set to take up historic $1.1 billion tax cut this week. How it would affect you? Clarion Ledger Online Services for businesses Department of Taxation and Finance Free AARP tax assistance in South Lake Tahoe for all ages South Tahoe Now 50% Increase in Transient Taxes Doesn’t Add Up Tillamook County Pioneer |
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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. It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax Season' we accumulate paper. And more paper. And if you have a small business or investments--even more paper. What to Do If You Can?t Pay Your Taxes The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help. How To Get An Extension To File Your Business Tax Returns Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. 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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