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Tax Information
More Articles from Tax Information: Gov. Meyer allows split-rate property taxes to remain the law, but not with his signature Spotlight Delaware Property-Tax Wars City Journal Before we vote yes on a new tax, CPS must show us results | Opinion Cincinnati Enquirer Powerball jackpot climbs to $905 million. What you’d pocket after taxes, and what to do with the rest. Yahoo Finance California offers new tax credit worth up to $3,500 for drivers who switch to electric vehicles ABC7 Los Angeles Nine shows, including ‘Clueless’ sequel, receive state tax credit Los Angeles Times Brunswick County Property Tax Bills Now Available, Includes New Fire Fee Rates (if applicable) Brunswick County (.gov) Does talk about ‘fair share’ of taxes demonize success? Rochester Beacon Oklahoma offers property tax breaks to businesses. Now lawmakers want to change the rules Oklahoma Voice Maria Pappas: Government collects taxes. It doesn’t confiscate wealth. Crain's Chicago Business Where Pennsylvania governor nominees stand on property taxes Erie Times-News North Wilkesboro Business Owner Sentenced to Prison for Employment Tax Crime, Caused Tax Loss Exceeding $973,000 WataugaOnline.com Commentary: Schardin Clarke is wrong about the income tax New Mexico Political Report How Federal Tax Policy Can Address AI Institute on Taxation and Economic Policy No, The "Millionaire Tax" Will Not Be Good For Maine Maine Policy Institute Analyzing Maryland's Sports Betting Tax Revenue: Where Are the 2026 Funds Going MarylandReporter.com Cotton calls on Treasury to reshape tax guidance to support cybersecurity investment in critical infrastructure OT systems Industrial Cyber ‘Taylor Swift tax’ on homes is law in Rhode Island. Could it help solve Cape Cod’s housing crunch? Boston 25 News Opinion: Sen. Innis has the property tax story backward Concord Monitor York lawmakers want to eliminate school property taxes. Will it work? York Daily Record The Clarity Act, smarter crypto taxes and the quantum test of U.S. financial leadership Accounting Today Opinion | Riverhead settled a tax lawsuit last week, but officials wouldn’t disclose the terms RiverheadLOCAL Washoe County property taxes due August 17, 2026 Washoe Life (.gov) Here's what to know about Ankeny's proposed local option sales tax The Des Moines Register Mayor Hogsett vetoes plan to increase vehicle taxes to pay for road improvements in Marion County WTHR City considers vacancy tax to fill downtown commercial spaces Evanston RoundTable Trenton Commissioners to Discuss 2027 Budget, SPLOST and Transportation Taxes Monday August 10Th Discover Dade Heinrich Proposes Bill That Would End Tax Breaks for Oil and Gas Drilling Abroad cpapracticeadvisor.com Idaho needs an alternative minimum tax Idaho Education News Hudson Fire Department referendum: Tax levy hike on November ballot 5 EYEWITNESS NEWS Great Transfer Pricing Reports Are More Than Just a Tax Ledger news.bloombergtax.com Crocs Has a Trick for Dodging Taxes: a Tiny Office in Malta The New York Times California’s tax agency cracks down on $168 million in illicit cannabis, tobacco California State Portal | CA.gov 'We saved about $375:' Tax-free weekend brings relief for families during back-to-school season ABC13 Houston Nearly a year later, Bexar County still isn’t collecting new taxes for Spurs arena San Antonio Report Paramount Nabs $37 Million-Plus in California Tax Credits to Shoot In State Amid Battle With AG The Hollywood Reporter El-Sayed admits free healthcare means paying 'a little bit more in taxes' regardless of income Fox News Will VAT become the world’s AI tax? vatcalc.com Boston Tea Party Museum Denied Tax Break for Floating Barge news.bloombergtax.com Marathon Petroleum Unit Topples California City’s Tax Procedures news.bloombergtax.com New York City’s New Pied-à-Terre Tax – Unresolved Questions Family Wealth Report Did You Know? Higher Property Taxes chattanoogan.com Higher taxes or school cuts? Hoosiers will have to choose in a historic referendum year indystar.com July Net Tax Revenues Up 3.1% Valdosta Today Alliance is exploring a move to RITA for income tax services Canton Repository St. Johns County conservation program loses top land pick, freezes new purchases amid tax reform News4JAX The 'Affordability' Agenda That Taxes Your Dinner Reason Magazine America’s income taxes are diverging The Economist First 2 of county commissioners’ 3 tax increase hearings Tuesday Statesboro Herald Liz Weston: Will leaving my kids a tax-free inheritance mean paying more taxes now? - OregonLive.com ‘Clueless’ Sequel and ‘Rockford Files’ Reboot Among TV Projects Awarded California Tax Credits Variety Retailers expect boost after CT expands sales tax holiday limit Hartford Business Journal Florida renters could face Amendment Three fallout Florida Today |
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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. 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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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