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| Tax Information |
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Tax Information
More Articles from Tax Information: Supreme Court to Hear Catholic Charity’s Bid for Tax Exemption The New York Times IRS recovers $4.7 billion in back taxes, braces for cuts under Trump and GOP majority - PBS NewsHour Mega Millions Jackpot Climbs To $740 Million—Here’s How Much The Winner Could Take Home After Taxes Forbes Germany’s CDU to offer voters tax cuts and immigration controls Financial Times Making sense of Washington’s multi-billion dollar budget hole Washington State Standard Death, taxes, and fractions Newnan Times-Herald Employment opportunities Department of Taxation and Finance Flat tax proposals aim to put Missouri on path to eliminate income tax Missouri Independent Governor Shapiro Visits Small Businesses in Scranton During Holiday Season, Highlighting Shapiro Administration’s Action to Lower Taxes, Put Money Back in Pennsylvanians’ Pockets, and Invest in Our Main Streets PA Department of Community & Economic Development Gun group wants new taxes and permits for WA firearm sales Washington State Standard IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power The Associated Press Department of Taxation and Finance Governor.NY.gov East Hempfield Twp. holds line on taxes despite rising costs; trash bills set to go up LNP | LancasterOnline Now You Can Avoid Taxes Like the Rich and Famous The Wall Street Journal Progressive Principles for the 2025 Tax Debate: Having No Deal Is Better Than Having a Bad Deal Center For American Progress What are gift taxes? | Paul Pahoresky News-Herald.com Foxconn qualifies for another round of tax credits, bringing total subsidies past $52M Wisconsin Public Radio News More Startups Are Working On Lowering Your Taxes Crunchbase News After a decline last year, Travis County homeowners should expect a return to rising property taxes Austin Monitor Deadline to homestead for property taxes approaches Pine and Lakes Echo Journal How Seniors Can Donate More to Charity and Pay Less in Taxes The Wall Street Journal Michigan Senate approves data center tax breaks that environmental advocates say will kill the state climate plan Planet Detroit 'I couldn't believe it': West Allis residents experiencing property tax sticker shock WISN Milwaukee Make sure the property tax solution isn’t worse than the problem South Dakota Searchlight COUNCIL APPROVES 84% PROPERTY TAX HIKE IN BUDGET Evening Observer At ‘Tax Prom,’ Washington Prepares for More Tax Cuts The New York Times Bill offering wildfire survivors relief from taxes and fees passes Congress Washington State Standard REGIONAL: Crested Butte short-term rental taxes among highest in state — Mt. CB excise tax increase contributes millions to affordable housing Montrose Daily Press Johnson proposes 11 tax and fee hikes totaling $234M Illinois Policy Georgia Tax Revenues up in November by 2.3% Monroe Local News Borough hikes property taxes by 25% WGAL Susquehanna Valley Pa. Adriana E. Ramírez: The petty tax wars of Pittsburgh Pittsburgh Post-Gazette The Swiss Government Just Rejected a Proposal to Install a 50% Inheritance Tax on the Wealthy Robb Report Justices take up cases on religious tax exemption and California climate change mandate - SCOTUSblog Village of Massena sales tax collections continue slight decline, down 3.07% again North Country Now Navigating Renewable Energy Projects in the Trump Era: Tariffs, Taxes, and Commercial Strategies JD Supra Taxation: Council adopts new rules for withholding tax procedures (FASTER) consilium.europa.eu No trade tax is free: Trump’s promised tariffs will hit large flows of electronics, machinery, autos, and chemicals Peterson Institute for International Economics School funding bill may allow bigger property-tax increases NJ Spotlight News Federal Tax Reform Forecast 2025: Jonathan Williams on American Radio Journal American Legislative Exchange Council Canada tax holiday begins Dec. 14. Can WA residents do some tax-free holiday shopping? Bellingham Herald Multnomah County Preschool For All Personal Income Tax Multnomah County Supreme Court may free Catholic charities from paying state unemployment taxes for their employees Los Angeles Times Tech giants and their billionaire owners are playing Oregonians for fools - Oregon Capital Chronicle Tech giants and their billionaire owners are playing Oregonians for fools Oregon Capital Chronicle Looming cuts threaten IRS plans to keep growing workforce and crack down on tax evasion Federal News Network Tax policy could change in 2025 brownfieldagnews.com Lawmakers dealing with finances, taxes may soon be dealing with a major headache Northeast Mississippi Daily Journal Six Year-End Strategies That Will Better Prepare You for Your 2024 Taxes Kiplinger's Personal Finance Trump Promotes Lower Taxes and Other Pro-Business Policies During Historic NYSE Visit - Investopedia Bears’ McCaskey visits District 214 not to talk taxes, but he did visit an econ class - Daily Herald Chicago leaders can still fix runaway budget, tax hikes Illinois Policy IRS recovers $4.7 billion in taxes from scofflaws. But it's bracing for funding cuts under Trump Los Angeles Times Burgum regrets not curbing local spending, touts income tax relief in final days as governor North Dakota Monitor Tax cuts expected to reduce state revenues $600 million this year Iowa Capital Dispatch Julie Jason: Additional thoughts About QCDs CT 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. 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