Tax Information |
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Tax Information
More Articles from Tax Information: Dave Portnoy says JD Vance 'sounds like a moron' Business Insider Kamala Harris’s Tax Plan Is a Testament to the GOP’s Success National Review These Funds Are Like Candy for Boomers. The Taxes Aren’t. The Wall Street Journal Prince William declined to reveal what he's paid in taxes, breaking King Charles' 30-year tradition Fox News Lawmakers introduce Gov. Pillen’s property tax plan, which would require legislation in 2025 Nebraska Examiner Could a sales tax in Sedgwick County reduce property taxes? Here’s what’s being discussed Wichita Eagle Asheville, Buncombe tax hikes coming; some homeowners can get $500 back; NC has flat tax Citizen Times Even if Giants aggressively sell, go-for-broke season’s luxury tax implications are inescapable - The Athletic The New York Times Republican gubernatorial nominee Braun releases property tax proposal Indiana Capital Chronicle The IRS recovered $1 billion in overdue taxes. Will that save its future funding? Federal News Network Republican gubernatorial candidate Mike Braun unveils plan to make major property tax changes - WFYI Current Challenges in Vaping Markets Tax Foundation Braun unveils plan to lower Indiana property taxes if elected governor WRTV Indianapolis Legislative maneuvering could complicate the path for Gov. Pillen’s tax proposal - Nebraska Examiner Where Does Kamala Harris Stand on Taxes? Tax Foundation These Popular Funds Might Cost You at Tax Time The Wall Street Journal NE lawmaker calls proposed homestead exemption 'universal' relief for Husker homeowners Nebraska Examiner Effort fails to abruptly end special property tax legislative session Nebraska Examiner 4 things to know about Braun’s property tax proposal State Affairs A Connecticut finance board member and state auditor was late paying taxes, suspects 5-year-old son hid notices Trumbull Times JetBlue Airlines suing Florida over what it calls too much in corporate income tax Tallahassee Democrat Jared Polis touts Colorado's work on reducing taxes at ALEC's annual meeting coloradopolitics.com Harris Just Promised to Extend the Trump Tax Cuts National Review Stores already preparing for Massachusetts sales tax holiday Western Massachusetts News Hillsborough lawyers: Yes, we can delay the school tax vote Tampa Bay Times Pillen promotes property tax plan to Nebraska school leaders Nebraska Examiner ‘Unpredictable’ Election Clouds Tax and Economic Policy View CPAPracticeAdvisor.com Gov. Pillen clarifies property tax relief plan as special session nears Nebraska Examiner Houston tax preparer admits to falsifying returns, resulting in over $100K in losses KPRC Click2Houston Fund helping senior pay property taxes 11Alive.com WXIA Gov. Murphy signs AI tax incentives into law New Jersey Monitor The Feds Warned Oregon Officials That a Report on Alcohol Taxes Was Fundamentally Flawed Willamette Week Larsen tackles federal overreach, nuclear power, property taxes and more during Republican Party candidate forum County 10 News Realty Lobbyists Host Town Hall Meeting About Property Taxes Bigfoot 99 Radio G20 countries agree on need to tax the super-rich — but later POLITICO Europe INDIA BUDGET India hikes taxes on equity investments; fund managers see short-term hit Reuters India Prince William breaks King Charles’ 30-year tradition by not revealing what he paid in taxes New York Post G20 pledges to work together to tax ultra-rich South China Morning Post Democratic opponent criticizes potential impact of Braun’s property tax relief plan Inside INdiana Business Sales tax holiday this weekend gives price break on school supplies, clothing, computers Chattanooga Times Free Press Opinion | What I Learned About Taxes While Waiting Tables The New York Times Signatures submitted to add Colorado property tax initiative to November ballot coloradopolitics.com ‘We are not his slaves’: Lawmakers demand respect before a property tax special session Nebraska Examiner 14-day Florida back-to-school sales tax ‘holiday’ around the corner Orlando Sentinel Cook County property tax late fees could be used for tax relief for low-income homeowners Chicago Tribune Scott Galloway says ‘tax avoidance’ is a ‘key skill’ to building wealth — and shares 2 legal tactics the rich use Yahoo Finance How do 9 states get by with no income tax? A tax expert explains the trade-offs they choose The Conversation 1M NJ residents could soon be filing federal income taxes for free NJ Spotlight News NM tax-free weekend on Aug. 2-4 Hobbs News-Sun Cook County residents could receive automatic refunds on overpaid property taxes, and here's how to check NBC Chicago Higher tax rates, smaller child tax credit and other changes await as Trump tax cuts end - USA TODAY Policy Basics: Where Do Our Federal Tax Dollars Go? Center on Budget and Policy Priorities Greeneville Candidates Discuss Taxes, Homelessness In Forum Greeneville Sun Old Bridge property tax bills going up. Here's how much My Central Jersey Florida’s back-to-school tax-free shopping holiday approaching WMBB - mypanhandle.com Thousands of low-income WA families qualify for a tax credit they aren’t claiming Washington State Standard Overflow crowd turns out for lawmaker-led Omaha event on Pillen plan, property tax relief Nebraska Examiner Braun: Cut property taxes and freeze future increases WISH TV Indianapolis, IN Nebraska senator introduces bill to sell governor's state plane to help property tax relief effort KETV Omaha |
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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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