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Tax Information
More Articles from Tax Information: State and Local Sales Tax Rates, 2025 Tax Foundation Which Taxes Count? National Review China counters Trump tariffs with taxes on US goods WXII12 Winston-Salem China counters Trump tariffs with taxes on crude, cars and a Google investigation The Economic Times New business-sponsored poll shows WA voters think raising taxes, state spending is a ‘bad idea’ The Olympian Medicaid Provider Taxes: A Critical Source of Medicaid Funding for States Georgetown Center for Children and Families Apply to pay your Philly property taxes monthly City of Philadelphia (.gov) California Democrats introduce two bills to expand tax credits for those earning low-incomes Capital Public Radio News Bill adjusting unemployment assistance taxes unanimously passes committee - South Dakota Searchlight Bill adjusting unemployment assistance taxes unanimously passes committee South Dakota Searchlight STAR resource center Department of Taxation and Finance The Current Federal Deficit and Debt Peterson Foundation Should Oregon cities be allowed to raise gas taxes without asking voters? Oregon Public Broadcasting Schools, taxes, and your upcoming vote Wednesday Journal CT Senate GOP: Cut income tax, freeze state employee wages The Connecticut Mirror Will Elon Musk's Treasury Access Derail Your 2025 Tax Refund? Kiplinger's Personal Finance Taxpayer Assistance Program (TAP) Department of Taxation and Finance Governor Abbott Announces Property Tax Relief An Emergency Item Office of the Texas Governor Trump agrees to pause tariffs on Mexico, but import taxes still in place for Canada and China - WHYY Single Parents Have Lower Incomes—Increasing their Taxes Isn’t the Answer The Century Foundation Avalara Report Shows States Trying to Simplify Sales Taxes, Amping Up Audit Teams, and Increased E-Invoicing CPAPracticeAdvisor.com Ready for taxes? Here's how to prepare this tax season CBS19.tv KYTX 4 tax advantages for homeowners in 2025 NewsNation Now Waukesha County Executive warns of ‘deep service cuts’ after withdrawing sales tax plan Wisconsin Public Radio News Halftime in Richmond: Virginia lawmakers clash over taxes, health care, and gun control Virginia Mercury After Being Served, Roanoke Restaurants Settle Tax Bills The Roanoke Rambler Will Trump’s federal hiring freeze affect IRS tax returns? WRIC ABC 8News Tax discussion will affect ag brownfieldagnews.com Homeowner property taxes on Vashon are down this year — except waterfronts Vashon-Maury Island Beachcomber Cut taxes or save Social Security? The $5 trillion question Brookings Institution E-file your personal income tax return—for free! Department of Taxation and Finance 4 Ways House Republicans’ Emerging Tax Package Would Put Billionaires Over Families Center For American Progress How to do your state, federal taxes for free: Oregonians have more filing options in 2025 OregonLive Survey: One in Five Americans Would Rather Renew Driver's License at a DMV Than Work on Their Taxes CPAPracticeAdvisor.com Top 5 States with the Most Expensive Property Taxes Realtor.com News Tax Information for Those Impacted by the Los Angeles County Wildfires The National Law Review Governor Shapiro's Massive Budget Brings Excessive Spending, New Taxes, and Future Tax Hikes Commonwealth Foundation Trump says Americans could feel ‘some pain’ from tariffs as he threatens more import taxes The Associated Press Ohio governor's proposed budget includes public ed funding, tax hikes on weed, tobacco and betting Ohio Capital Journal Kentucky lawmakers send bill to cut the state’s income tax to the governor. He supports it. The Associated Press What taxes are increased in proposed Ohio budget? NBC4 WCMH-TV Cato Tax Bootcamp: An International Tax Primer Cato Institute City opposes state bill to collect local occupational taxes messenger-inquirer Estimated tax resource center Department of Taxation and Finance Statewide View: Vikings fans can blame state taxes, too, for their misery Duluth News Tribune Opinion: It’s time to Axe the Tax for working-class NYC families City & State New York When Paying More Tax, Not Less, Is the Smart Play The Wall Street Journal First installment of property tax bills due March 4 Evanston RoundTable SALT in old wounds: California's taxes on wealth may hinge on how Trump treats deductions | Opinion CalMatters City Council Adds 1% Local Option Tax to Ballot, Finalizes Budget The Montpelier Bridge Gov. Walz reminds parents to claim Child Tax Credit Northern News Now 2025 Tax Refund Date Estimator: When You Will Get Your Refund: Where’s My Tax Refund? CPAPracticeAdvisor.com Student-athletes need an assist with NIL taxes Financial Planning Income tax filing resource center Department of Taxation and Finance Local leaders sound alarm on Braun’s property tax overhaul legislation Inside INdiana Business Gov. DeWine wants gambling tax hike to subsidize Ohio stadium projects. Will lawmakers bite? The Statehouse News Bureau New Georgia property tax law: What homeowners need to know WJCL News Savannah What's Going on With New Jersey Property Tax Programs? Kiplinger's Personal Finance New 'sin taxes' bolster Shapiro's spending plan The Center Square |
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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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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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