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Tax Information
More Articles from Tax Information: Conservatives are asking Trump for another big tax cut The Washington Post How small provision added to Donald Trump’s ‘Big Beautiful Bill’ affects taxes for sports bettors - The Athletic The New York Times What to know -- and what isn't known yet -- about US tax deductions for tips and overtime pay ABC News - Breaking News, Latest News and Videos A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business Department of Taxation and Finance dos.ny.gov Ohio House lawmakers launch bid to override three of Gov. Mike DeWine's property tax vetoes Ohio Capital Journal New poll finds dissatisfaction with NJ’s handling of affordability, taxes New Jersey Monitor TOPLINES: Child Care in the 2025 Tax Reconciliation Package First Five Years Fund Gamblers will pay more taxes in 2026 and beyond when Trump's 'big, beautiful bill' hits Detroit Free Press New Jerseyans Give State a Thumbs Down on Taxes, Affordability and Transit New Jersey Business & Industry Association Higher property taxes or better services? Difficult decision ahead of UG commission on Thursday KSHB 41 Kansas City Hotel, tourism industries watching for potential lodging-tax increases The Sum and Substance Tax Bill’s Information Reporting Changes Will Increase Deficit and Make it Harder for Honest Taxpayers to Comply with Tax Laws taxlawcenter.org Ohio man who bought wildebeest with public funds didn't pay township taxes, auditors say The Columbus Dispatch Opinion | Come April, Pope Leo might need a tax adviser The Washington Post Trump Takes Reins on U.S. Economy With Policy Bill and Tariffs Renewal The New York Times State and Local Sales Tax Rates, Midyear 2025 Tax Foundation It’s Official—No Tax on Tips, No Tax on Overtime Through 2028 The National Law Review Backers of EPIC Option seeking Constitutional Amendment abolishing property, income, inheritance taxes Rural Radio Network State officials push for teams to address Ohio property taxes Spectrum News 1 Indiana assessed value grows 12% as property tax changes take effect Indiana Capital Chronicle The Tax Blotter – OBBBA – July 2025 CPA Practice Advisor Governor Mike DeWine forms Property Tax Reform Working Group WCPO 9 Cincinnati Statewide cannabis tax hike hits SLO dispensaries as legal market struggles San Luis Obispo Tribune Who’s really getting a tax break in Maryland? The Baltimore Banner City launches online payment portal for property taxes localmemphis.com Routt County delinquent property tax statements mailed SteamboatToday.com America First policies electrifying US-made brews and bringing beer boom to red state - Fox Business Right-Wing State Tax ‘Revolution’ Rolls On The American Prospect Lawmakers Try to Reverse Tax Increase on Gamblers The Wall Street Journal Brazil vows retaliatory tariffs against US if Trump follows through on 50% import taxes 5 EYEWITNESS NEWS Trump Promised ‘No Tax on Tips.’ Then Came the Fine Print. - WSJ The Wall Street Journal Eagleton poll: New Jerseyans dissatisfied with state’s handling of taxes, affordability, transit ROI-NJ Children's Trust won't back down on seeking tax exemption from county Pensacola News Journal The group pushing end to property taxes in Ohio says it's disappointed in the state budget, including an income tax cut WOUB Public Media - Texas’ special session on floods, taxes, THC, redistricting could also spend time targeting transgender life KXAN Austin City launches online payment portal for property taxes localmemphis.com Mississippi tax revenue slumps, but state still has money in the bank thanks to feds News From The States Andy Beshear takes jab at federal government as he announces Kentucky property tax cuts - whas11.com Here’s how President Trump’s tax cuts for the ultra-rich will hurt YOU Governor of California (.gov) Netflix and bill? Colorado Court of Appeals ruling says streaming service subject to sales tax Colorado Public Radio How big is the ‘no-state-tax’ advantage for the Florida Panthers? The New York Times EDITORIAL: Tourism, Taxes, and Turbulence, Part Four Pagosa Daily Post Commissioners approve health dept. levy Sandusky Register One Big Beautiful Bill Act: Key Tax Impacts for Businesses Vinson & Elkins LLP New bill would eliminate federal tax on home sales The Center Square With no public debate, Louisiana enacts sales tax break on luxury boats Louisiana Illuminator Trump bill raises taxes on gamblers. Now Nevada Rep. Amodei wants that part repealed Reno Gazette Journal Penalties loom as Allen County tax payment deadline nears Hometown Stations Geneva and St. Charles city councils approve 1% grocery taxes, with statewide tax set to expire Chicago Tribune One Big Beautiful Bill Act Introduces Significant Domestic and International Tax Changes | Insights Mayer Brown Letter: Contrary to official claims, Trump’s mega bill doesn’t eliminate taxes on Social Security The Salt Lake Tribune The One Big Beautiful Bill Act Signed into Law: Tax Implications at a Glance The National Law Review Here's when Columbia parents can save during Missouri back-to-school sales tax holiday Columbia Daily Tribune |
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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. 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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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