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| Tax Information |
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Tax Information
More Articles from Tax Information: Maryland Republicans call out governor's proposed tax changes WBAL TV Baltimore Gov. Healey eyes tax increases for Massachusetts in her fiscal year 2026 budget proposal Boston Herald Eight years after implementing soda tax, City Council to hold hearings to look at impact on businesses and consumers PhillyVoice.com What Republicans Could Slash to Pay for Trump’s Tax Cuts: Medicaid and More The New York Times Simu Liu Calls Trump’s Proposed Tax Plan Benefitting High-Income Earners “Really Shitty” Hollywood Reporter 2025 Tax Refund Dates: How to Estimate When You Will Get Your Refund: Where's My Tax Refund? CPAPracticeAdvisor.com Tax refunds could go to this state’s residents any time there’s a surplus Straight Arrow News Gianforte-backed property tax measure would offer homeowner relief by raising taxes on second homes, Airbnbs Montana Free Press Gottheimer lays out tax plan: lower property taxes, more tax credits, less bureaucracy New Jersey Globe | New Jersey Politics Idaho Republicans propose one of ‘biggest’ income tax cuts ever. How much would it be? Idaho Statesman Oregonians have a better way of doing taxes this year Oregon Capital Chronicle WATCH: Trump promises tax cuts and threatens tariffs at meeting of global elite in Davos PBS NewsHour Qualifying Philadelphians get free tax preparation assistance City of Philadelphia (.gov) As Administration Signals Plans to Challenge Foreign Taxes Discriminating Against U.S. Companies, CCIA Releases New Study on Digital Service Tax Impacts Computer and Communications Industry Association Repeal of Social Security taxes hitches a ride on transportation bill Minnesota House of Representatives Follow the money: Tax inheritances, not estates Brookings Institution Illinois Loses First Shot at Interchange Fees on State and Local Taxes The National Law Review Maryland effort to raise tipped wages hopes Trump’s no-tax-on-tips will help The Washington Post Cutting services or raising taxes: State lawmakers weigh how to fill big budget gaps South Dakota Searchlight Should Virginia be giving tax exemptions to organizations that honor the Confederacy? WRIC ABC 8News AARP property tax town hall reveals challenges for reform; possible changes Indiana Capital Chronicle 2024 Tax Year forms now available at the Library City of Round Rock Taxing the "Angel of Death" Brookings Institution Sister Bay Board Affirms Decision Not To Refund Taxes, Opts To Scale Back 2025 Projects Amid TID Confusion Door County Pulse Read: Draft Options for G.O.P. Cost Cuts for Tax Bill The New York Times House Bill 1334 would allow municipalities to increase property taxes significantly Washington Policy Taxing the Great Wealth Transfer with a Stronger Estate Tax Tax Policy Center Do you qualify for a Pierce County property tax exemption? Applications open soon Tacoma News Tribune Aims to help the community prepare their taxes for free Colorado Community Media ‘Life-changing’: Legislature weighs taking more from business taxes to nearly double base adequacy aid for education Concord Monitor Another round of income tax cuts could be coming to Idahoans next year Boise State Public Radio State Corporate Income Tax Rates and Brackets, 2025 Tax Foundation 21 ways to lower property taxes in Ohio Hamilton Journal News Reviewing the House Budget Committee Tax Options Cato Institute Letter: Taxes, more taxes and even more taxes in NK The Independent Hasbro HQ vs. RIPTA funding: What’s at stake under a potential tax on R.I.’s top earners Rhode Island Current Morrisey announces more details on “Backyard Brawl” review of taxes, regulations Martinsburg Journal Council votes to reconsider property, sweetened beverage taxes The Philadelphia Tribune Governor Newsom extends state property tax deadlines for LA firestorm communities until April 2026 Office of Governor Gavin Newsom When does IRS start accepting tax returns? See first day to file, how to track your refund Austin American-Statesman Deadline approaching for Virginia employers, organizations to submit 2024 tax withholding records WRIC ABC 8News E-file your New York State personal income tax return! Department of Taxation and Finance Gianforte-backed property tax measure would offer homeowner relief by raising taxes on second homes, Airbnbs Bozeman Daily Chronicle Flathead Valley Stakeholders Say Property Tax Relief Bill Would Curb Tourism, Destabilize Local Economy Flathead Beacon State plans to address tax proposal ‘oversight’ that would cut funding for Registers of Wills Maryland Matters Trump outlines tax cut plans, tells World Economic Forum 'make your product in America' Fox Business A candy tax? Hospital closures? A look at Gov. Healey's budget belt-tightening proposals - WBUR News Tax cut push by Missouri Republicans begins with $300M capital gains legislation Missouri Independent Senior tax relief programs available to Evanston homeowners over 65 Evanston RoundTable GOP List Includes Eliminating Credit Union Tax Exemption Credit Union Times A bigger, easier target for DOGE: Tax expenditures Brookings Institution Tax Identity Theft Awareness Week The Newtown Bee The Taxing Truth About Taxes The Times of Israel Central Bucks first responders can get up to $1,000 from new tax refund. Here's how. phillyBurbs.com Part 3: City of Merrill property taxes explained Merrillfotonews Transplants to N.J. would get temporary tax break under Rep. Gottheimer plan New Jersey Monitor 2025: When Can I File My Tax Return and Get My Tax Refund CPAPracticeAdvisor.com Part 2: City of Merrill property taxes explained Merrillfotonews Governor Pritzker and Illinois Department of Revenue Announce Tax Relief Available for California Wildfire Victims RiverBender.com Whitmer urges new taxes to fix Michigan roads Michigan Capitol Confidential Wait to receive your W-2 form or other income statements to file your tax return National Taxpayer Advocate |
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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. 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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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