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| Tax Information |
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Tax Information
More Articles from Tax Information: Fact Check: Americans Need Solutions to Inflation, Not Higher Taxes Ways and Means Republicans Costa Ricans scrambled to pay taxes by hand after cyberattack took down country’s collection system NBC News Analysis | Bezos, Not Biden, Is Right on Taxes and Inflation The Washington Post Chief economist explains Indiana's rising gas taxes; now at record-high 14 News WFIE Evansville Frederick Approves Budget: Cuts Taxes, Invests in Schools, Public Safety, Core Services – Conduit Street Conduit Street How to Calculate Payroll Taxes for Your Small Business The Motley Fool Former Wisconsin tourism secretary, state senator pleads guilty to failing to pay employment taxes Wausau Daily Herald Proposal would cut property taxes for Maricopa County homeowners Arizona's Family Buying a House In 2022? You Can Deduct Some Closing Costs From Your Taxes. Here’s How to Plan NextAdvisor Carbon Taxes: Good Idea, Implementation Key National Review Tax and spend needs to end - Lewiston Sun Journal Lewiston Sun Journal California manufacturers want state to halt sales tax FOX 5 San Diego Has Texas seen a $20-billion increase in property taxes under Abbott? Austin American-Statesman Questions about Oregon-Idaho boundary, taxes, tobacco and guns on local ballots – Oregon Capital Chronicle Oregon Capital Chronicle A 2022 Guide to Taxes for Independent Contractors The Motley Fool State Tax Tips for Financial Advisors | Financial Advisors | US News - U.S News & World Report Money State Tax Tips for Financial Advisors | Financial Advisors | US News U.S News & World Report Money A Small Business Guide to Medicare Taxes in 2022 The Motley Fool Some NM cannabis producers may face higher than expected tax bill New Mexico Political Report Auburn Hills diner, owners charged with underreporting sales on taxes, failing to file returns WDIV ClickOnDetroit Taxes and Finance: A tax nightmare on your horizon Ukiah Daily Journal The new global tax deal is bad for development Brookings Institution Treasury Secretary Yellen Looks to Get Global Tax Deal Back on Track The New York Times Letter: Relying on property taxes costs us in many ways Reading Eagle Owed a Lot of Money on Your Taxes? 3 Steps to Take This Year The Motley Fool 4 Steps to Filing Your Partnership Taxes The Motley Fool $5 million plan to use marijuana taxes for hemp processing fails in Colorado Marijuana Business Daily Where do the dollars for Minnesota's multibillion-dollar tax cut, spending deal come from? Star Tribune Return our taxes and fix infrastructure Inland Valley Daily Bulletin Oil tax revenues in New Mexico, other states spotlight a dependence on fossil-fuel taxes Chicago Sun-Times Are You Maximizing Your Tax-Exempt Bucket? Kiplinger's Personal Finance Completing Your Small Business Taxes With IRS Form 941 The Motley Fool How to Calculate Federal Unemployment Tax (FUTA) in 2022 The Motley Fool Reminder: There's a Penalty If You Don't Pay Your Property Taxes By June 1 kanecountyconnects.com “The taxes are much, much lower than L.A.” — Patrick Beverley tries to recruit LeBron James to Minnesota Basketball Network Interview: Gov. Polis on abortion rights, decreasing property taxes and the fentanyl bill Colorado Public Radio How to Fill out Form 720: A Guide to Reporting Excise Tax The Motley Fool Beech Mountain talks taxes for upcoming year | Avery | averyjournal.com Avery Journal Times Knoxville minimum wage: City Council approves raises, large tax hike Knoxville News Sentinel Top Tax Software Solutions for 2022 The Motley Fool A Small Business Guide to LLC Tax Classifications The Motley Fool Bezos right, Biden wrong on taxes The San Gabriel Valley Tribune Warren County: Notice of Real Estate taxes due Royal Examiner Why Can Billionaires Avoid Taxes On Stocks But Use Them As Collateral For Loans? - Benzinga Benzinga I Spent My Last Tax Refund on a Vacation. Here's Why The Motley Fool Scottsville to increase hotel tax, business license fee The Daily Progress Texas voters OK measures to trim property taxes The Texas Tribune Taxes: What to Do if You Haven't Filed Investopedia Property Tax Payment Douglas County Analysis | Biden's false claim that 'congressional Republicans' want to raise taxes The Washington Post Effective Tax Strategies for the Present and Future Kiplinger's Personal Finance Analysts: CT could cut taxes $1 billion more within federal rules The Connecticut Mirror Disney to Lose Special Florida Tax Status Amid ‘Don’t Say Gay’ Clash The New York Times Will Eric Adams Release His Taxes? The New York Times What the Bleep Is Going On With Texas Property Taxes? Texas Monthly American taxes could be quick, free if IRS was well-funded: Treasury Business Insider |
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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. 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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. 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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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