| Tax Information |
|
|
Tax Information
More Articles from Tax Information: Amendment 87’s graduated income tax could cause big employers to leave (Editorial) - The Denver Post Will Dems expand WA’s ‘millionaires tax’? Some are talking about it The Seattle Times Robert Kiyosaki Is $1.2B In Debt And Doesn’t Pay Taxes — ‘Do You Think Bezos Became A Billionaire Paying Taxes?’ Yahoo Finance NC Gov Stein signs gas tax holiday into law NC Newsline House 40th Legislative District, Position 2 candidates talk healthcare, taxes and water rights Cascadia Daily News Impact of Key Trump Policies on Taxes and Costs: National and State Estimates Institute on Taxation and Economic Policy Letter | Taxes get a bad rap The Capital Times Taxpayer group: Some state tax policies disadvantage data centers The Center Square Where Pa. governor candidates Garrity and Shapiro stand on taxes, spending, skill games and more Pittsburgh Post-Gazette Lindsay James, Joe Mitchell argue tariffs, taxes during 2nd District debate Iowa Capital Dispatch Progressive groups, unions announce wealth tax initiative aimed at 2028 Oregon ballot Oregon Capital Chronicle US Taxes Really Are Too Low Bloomberg.com Illinois cannabis customers bought more at lower prices, while sales revenue and taxes fell, new state report shows Chicago Tribune Car Tax Payments Due Oct. 5 – What You Need to Know Fairfax County (.gov) Revenue Potential from Taxes at the Top The Budget Lab Governor Stein Signs House Bill 3, Suspending State Gas Tax and Lowering Costs for North Carolinians NC Governor (.gov) Prop. 43 would make special taxes harder to pass. That’s the point, say anti-tax advocates CalMatters Senate candidates run on raising Social Security taxes for higher incomes to prevent benefit cuts NBC News Gas taxes are unpopular. La Grande says it still needs one to fix roads Oregon Public Broadcasting - OPB Gas taxes are unpopular. La Grande says it still needs one to fix roads. Oregon Public Broadcasting - OPB Fuel taxes are getting cut. But will truckers see the savings? Land Line Media Tax Credits, Incentives, and Technical Assistance for Geothermal Heat Pumps Department of Energy (.gov) Senate 42nd Legislative District candidates talk healthcare, taxes and water rights Cascadia Daily News Taxation: Council updates the EU list of non-cooperative jurisdictions for tax purposes Consilium.europa.eu Washington millionaires tax debate: Initiative 645 contrasts $3B in revenue v. fears of broader taxes MyNorthwest.com Anchorage has a ‘trust problem’ with property tax assessments, board chair says Anchorage Daily News Abbott wants to eliminate school property taxes for Texas homeowners. Who would pay instead? Click2Houston Wausau’s new borrowing would push taxes “significantly” higher in 2028, finance director says Wausau Pilot & Review Spokane City Council sets dates to consider 2027 property tax levy NonStop Local KHQ California’s Wealth Tax Meets the 2nd Law of Demand: News Article Independent Institute House 13B profile: Loberg targets wasteful spending, taxes St. Cloud Live Top Democrats join the wealthiest in fighting a California tax increase on billionaires ABC News - Breaking News, Latest News and Videos Congressional challengers offer vision on taxes, Trump at Lawrence forum without incumbent The Lawrence Times Could a little-known new law bring sales tax rates in San Diego County to 10% — or higher? San Diego Union-Tribune Debate underlines deep divisions on what WA voters should do about income tax Washington State Standard 'We are being farmed' for our labor, tax dollars, clicks | Opinion The Des Moines Register Murphy’s Law: Tiffany Pushes Tax Break That Mostly Helps Wealthy Urban Milwaukee Does NC gas tax relief extend to my hybrid EV? | Opinion Raleigh News & Observer Cut it, credit it or kill it? Ohio governor candidates split on plans for state’s income tax Cleveland.com The hidden tax on enterprise AI: Why data architecture is the ROI problem nobody budgeted for SiliconANGLE San Francisco’s wealth gap fuels drive for a billionaire tax San Francisco Examiner Who’s donating to the billionaire-backed group that has raised almost $300 million to fight the wealth tax? The Mercury News Where Austin property taxes go this year Community Impact How Can Californians Make Sense of the Tax Measures on the November Ballot? Public Policy Institute of California PA Election 2026: Where Garrity, Shapiro Stand on Taxes, Spending, Skill Games, and More Berks Community Television What’s Dragging Down A.I. Efficiency? The ‘Verification Tax.’ The New York Times The rich do pay taxes and other little-known facts - The University of North Carolina at Chapel Hill The rich do pay taxes and other little-known facts The University of North Carolina at Chapel Hill OPB’s First Look: La Grande’s local gas tax Oregon Public Broadcasting - OPB When an S Corp Saves Taxes and When It Doesn’t The White Coat Investor Is Hong Kong’s MPF an ‘offshore trust’? Shanghai tax officials seem to think so South China Morning Post How Meta Uses A.I. Data Centers to Avoid Billions in Federal Taxes The New York Times Report: Illinois tax revenue from gambling increased 19% last year Capitol News Illinois Officials take another look at hospital use of offshore captive insurance companies Maryland Matters American billionaire Sergey Brin wins Newsom tax backing Billionaires.Africa Flash Point: OK County jail tax vote KFOR.com Central Pa. football players forced 3 teammates pay a ‘Black tax’ to enter locker room: DA Pittsburgh Post-Gazette Lofty promises have been made for a countywide sales tax hike. Here’s where the money would go. San Diego Union-Tribune |
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. Get Uncle Sam To Pay $36,000 For Your Childs Education! Let's assume that you would like to begin saving for your children's education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education purposes. Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money Why a Corporation Helps Save You Taxes Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes. Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions. IRS Statute of Limitations: Do Taxes Ever Expire? Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes do expire at some point and in some cases IRS does not get the money they were legally entitled to collect. Keeping Your Own Money ? NOT Handing It Over To The Taxman Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. 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 |
| home | site map |
| © 2005 |