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| Tax Information |
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Tax Information
More Articles from Tax Information: How Jensen Huang, CEO of Nvidia, Is Avoiding Billions in Taxes The New York Times Death and Taxes The New York Times GOP caught between immigration and tax cuts for early 2025 priorities The Washington Post City of Brookfield residents could see an $8 million referendum on the April ballot Milwaukee Journal Sentinel Closing asset loophole can raise $100 billion in taxes, Treasury now says The Washington Post Judge in Hunter Biden tax case calls president's pardon statement an attempt to 'rewrite history' NBC News EV tax credit is 'catastrophically stupid,' says incoming Ohio Senator and 'car czar' Bernie Moreno CNBC Keystone Opportunity Zones (KOZs) PA Department of Community & Economic Development Property taxes go up for Quincy homeowners for second straight year The Patriot Ledger Exeter residents shocked by tax hike after revaluation: 'I cried when I saw the bill' Seacoastonline.com Education spending is driving up tax bills. In some towns, municipal taxes will add to the misery Vermont Public Principles-Based Illustrative Reforms of Federal Tax and Spending Programs Penn Wharton Budget Model Department of Taxation and Finance Governor.NY.gov Trump’s proposed child tax credit expansion may boost health equity Association of Health Care Journalists Column | Americans lose billions to scams, then get taxed on stolen money The Washington Post Eric Adams Proposes Tax Cut for New York City’s Lowest Earners The New York Times Allegheny County Council passes budget with tax increase WTAE Pittsburgh City of Oneida raises taxes by 7.5%, adopts 2025 budget CNYcentral.com Sales tax revenue down in Oklahoma City during first half of fiscal year KOCO Oklahoma City Poughkeepsie council approves 2025 budget with increased taxes and fees Mid Hudson News Website Trump Tax Cuts Won’t Help the Economy Grow, Budget Office Finds The New York Times Whiting: No, property taxes are not going up 35% Point/Plover Metro Wire Free tax preparation program helping Hampden County residents, seeking volunteers Western Massachusetts News East Grand Forks sets 2025 property tax levy at a 3% increase Grand Forks Herald Prisons, property taxes & paring down spending: Lawmakers look ahead to Gov. Noem’s budget address South Dakota Searchlight Trump Names Former Congressman Billy Long to be IRS Commissioner CPAPracticeAdvisor.com Lenexa will ask residents to renew 3/8-cent sales tax in mail-in election Johnson County Post Editorial: County tax and budget compromise heralds a new era in Allegheny government Pittsburgh Post-Gazette As tax proposal stalls, Boston assessing commissioner says budget shortfall is not a concern GBH News Senate passes legislation for disaster tax relief, exempting wildfire settlement payments Action News Now Senior property tax reduction portability a ‘priority’ in tight Colorado budget year Colorado Newsline Lane County grants tax break for Weyerhaeuser's $120M sawmill upgrade The Register-Guard Kaegi, Cardenas trade barbs over property taxes The Real Deal Senate approves tax relief for victims of utility-sparked wildfires. Here’s what comes next The Santa Rosa Press Democrat Dixon City Council considers increase in property taxes Shaw Local News Network Sales tax increases in Louisiana and Orleans Parish Tulane Hullabaloo Hear from furious Delco residents over proposed significant real estate tax increase FOX 29 Philadelphia New IRS funding boosted tax enforcement and improved taxpayer services during the Biden administration The Conversation MS Consultants Acquires Software Company Tax Credit Hero for Specialty Tax Credit Services CPAPracticeAdvisor.com Biden pardons his son Hunter on gun and tax charges despite previously saying he wouldn’t PBS NewsHour Fears of Estate Tax Exemption Boogeyman Subside; Other Monsters Still Lurk Successful Farming SLC negotiates taxes in courting MLB stadium Missoula Current Data Wonk: How Fair Are Wisconsin’s Taxes? Urban Milwaukee Columbus City Council to vote on creating 'weed fund' to collect marijuana tax revenue The Columbus Dispatch Lynnwood adopts city budget with a 52% property tax increase Lynnwood Times Justin Bieber's cash dries up amid unpaid taxes and cancelled tours: ‘Has always been irresponsible with money…’ Hindustan Times Tax breaks for LNG facilities will cost Louisiana parishes $21 billion: report Louisana Illuminator Report: California payroll taxes need 2117% hike to cover insolvent unemployment - The Center Square Property tax legislation expected in the 2025 session, legislative leaders say Iowa Capital Dispatch Allegheny County Council approves 2025 budget that includes 36% tax hike after weekslong battle Pittsburgh Post-Gazette NIC property tax line items, explained Coeur d'Alene Press Treasury says 45Z tax guidance coming before new Trump administration brownfieldagnews.com Hanover Borough Council moves ahead with final hike of 3-year property tax increase plan The Evening Sun CalEITC Franchise Tax Board Closing asset loophole can raise $100 billion in taxes, Treasury now says redlakenationnews.com How Property Taxes Can Help Low-Income Countries to Develop International Monetary Fund Adams will push to end city income taxes for low earners Crain's New York Business Tax rate drops for Superior residents following new assessments Superior Telegram |
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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. 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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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