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| Tax Information |
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Tax Information
More Articles from Tax Information: Opinion | Finally, a Tax-Return Leaker Is Charged The Wall Street Journal Des Moines' property taxes in top tier for large cities: new analysis Des Moines Register Iceland to implement visitor tax USA TODAY Paying taxes is patriotic | Letters to the editor South Florida Sun Sentinel Key Biden tax pledge for audits of people making under $400K nearly impossible: ‘Blew up the narrative’ Fox Business How to avoid taxes on Social Security USA TODAY IMF calls on governments to impose carbon taxes or face ... Financial Times Unemployment Tax Program - Texas Workforce Commission Texas Workforce Commission Insurer says you need a new roof? In Sarasota County, taxes go up ... Sarasota Herald-Tribune Tax Cheat Sentenced to Prison for Failing to Pay Employee Taxes Department of Justice Warren County considers freezing property taxes for seniors Warren County Record West Sacramentans paying higher property tax rates due to error by Yolo County officials KCRA Sacramento Man in custody after breaking into California Franchise Tax Board building and refusing to leave KCRA Sacramento Don't Pay Uncle Sam More Than You Have to in Dividend Taxes The Motley Fool New California Law Places Additional Taxes on Guns, Ammunition ... Campus Security Today The politics of property taxes in Montana – Daily Montanan Daily Montanan How Much Will Taxes on $1 Million Bucks Set Me Back? Yahoo Finance Nebraska school aid, tax cap cut taxes for some, not all Omaha World-Herald Roth IRA Conversions: Benefits and Considerations Beyond Taxes Kiplinger's Personal Finance Colorado property taxes ‘expect heavy increase’ despite tax relief referendum, analysis says The Denver Gazette Thursday last day to pay discounted taxes in Green Twp. Indiana Gazette Tax-Free Municipal Bonds May Not Sound Riveting, But They Could Actually Be a Really Solid Investment Yahoo Finance Elections, jails, taxes: A guide to county government in Arizona The Arizona Republic Hotel Property Tax Relief Varies By Geography | By Robert ... Hospitality Net Painful property tax hike ahead for apartments — and likely their tenants Mankato Free Press As Philipstown ponders revaluation, Tax Watch to lead Oct. 12 forum The Journal News Paintsville City Council votes to leave taxes unchanged The Paintsville Herald GLENNON: No property tax relief means Illinois will remain worst ... Kankakee Daily Journal Median Household Income After Taxes Fell 8.8% in 2022 U.S. Census Bureau Florida Men Charged in Multimillion-Dollar Tax Refund Fraud Scheme Department of Justice Arizona cities give developers millions in tax breaks. Check how ... The Arizona Republic Deferring Taxes Until Retirement? You May Want to Rethink That Kiplinger's Personal Finance Springboro seeks renewal of 0.5% income tax levy Dayton Daily News IRS Grants Louisiana Tax Relief Kiplinger's Personal Finance What can be done to lower your property taxes? Douglas County Namdar beats the Sheriff's sale buzzer, pays up on taxes for ... The Business Journals Preparing for the Sunset of the TCJA Tax Relief Advisor Perspectives Bermuda weighs corporate income tax proposal | Business Insurance Business Insurance Michigan Marijuana Dispensary Owner Convicted of Tax Evasion ... Department of Justice Martins Ferry council lists uses for additional income tax Martins Ferry Times Leader Too Heavy in Stocks? Annuities Could Be a Rebalancing Option Kiplinger's Personal Finance CAPITAL IDEAS: How you can get an immediate tax deduction for ... theberkshireedge.com Capital Gains Tax: Rates for 2023, How to Calculate and More - Buy ... The Wall Street Journal Major Tobacco Tax Increase Introduced in Congress Tobacco Reporter California Gunmakers Fear Impact of New Taxes on Sales San Jose Inside Battle over taxes: Will Jeremy Hunt be able to end Tory gloom at 'the survival conference'? Sky News South Dakota Offers Lightest Overall Tax Burden in Region But ... Dakota Free Press Mayor warns of tax increase; seeks council approval Mid Hudson News Website Fall property tax payments due soon | Local News ... Greensburg Daily News Republic of Armenia: Review of Tax Expenditures International Monetary Fund Jump in property values raises worry over tax issues on ballot Youngstown Vindicator What to know about claiming dependents on taxes Thomson Reuters Tax & Accounting Tax Cuts Are Here to Stay—and So Are Exploding Budget Deficits The Wall Street Journal Commission comes with new proposals to simplify tax rules European Commission Trump advisers plot aggressive new tax cuts for second White ... The Washington Post What Are Tax-Advantaged Accounts? - Buy Side from WSJ The Wall Street Journal |
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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
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