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Tax Information
More Articles from Tax Information: Supreme Court to debate if states may tax Catholic Charities and religiously affiliated groups - CNN Senate Aims to Advance Trump Tax Agenda While Postponing Spending-Cut Fight The Wall Street Journal WA state Senate OKs gas tax hike and budget built on billions of new taxes Washington State Standard Haven’t Filed Your Taxes Yet? Here Are Some Last-Minute Tips. The New York Times Murphy’s $1B tax-hike plan under scrutiny NJ Spotlight News Gianforte’s second-home tax faces legislative headwinds Montana Free Press City Council resolution supports increasing Providence’s tax cap amid budget shortfall The Brown Daily Herald Where's my refund? How to request an extension as the filing deadline nears Akron Beacon Journal Shuttered East Ohio Regional Hospital Facing Tax Deadline To Avoid Public Auction of Property Wheeling Intelligencer Owner of old Forest Fair Mall owes money to schools, $3 million in taxes The Cincinnati Enquirer Kansas Senate falls one vote short of approving constitutional amendment on property taxes Kansas Reflector House Democrats propose $1,000 property tax rebate for homeowners, $500 rebate for renters Iowa Capital Dispatch Long Island widower mistakenly declared dead -- again -- after attempting to file taxes: report New York Post Q&A: Learning about Lackawanna County's reassessment, and how it could affect your property taxes WVIA Public Media Gov. Little signs Idaho property tax cut bill, raising total cuts this year to over $400M Idaho Capital Sun Department of Taxation and Finance New York State Department of State How Trump’s opposition to global tax deal may affect businesses The Tax Adviser Apply for the Longtime Owner Occupants Program (LOOP) City of Philadelphia (.gov) A $1,000 check to lower your property tax bill? Iowa Democrats propose homeowner rebate Des Moines Register House budget unveiled at $4.4 billion less than Senate, cuts revenues by slashing sales tax Florida Politics Property tax bill removing rollback system passes House, Senate subcommittees Iowa Capital Dispatch Kansas Legislature passes tax relief with talk of broken promises and out-of-control spending Kansas Reflector Income tax credits available for Nebraska community colleges' property taxes, must be requested Nebraska Examiner Senate Democrats Release 2025 Revenue Proposal - Sen. Noel Frame Washington Senate Democrats Bill to plug ‘missing year’ of Nebraska property tax relief for schools on pause for now Nebraska Examiner Gas tax increase is key to fueling WA Senate transportation budget Washington State Standard West Texas lawmakers push bills to divert some oil and gas taxes to help oil-producing counties with roads, other needs The Texas Tribune Ohio Republicans introduce measure to flatten income tax to 2.75% Ohio Capital Journal After intense debate, Maryland House approves budget with additional tax hikes The Baltimore Banner Tax Day Is Almost Here. Millions of Americans Haven’t Filed Yet. The Wall Street Journal Gift Tax: 2024-2025 Exemptions and Limits NerdWallet Congress is searching for trillions of dollars in cuts. Will the oil industry’s tax breaks skate by? Grist Brazil’s proposed 10% withholding tax prompts local concern International Tax Review Committee advances North Dakota property tax bill but reduces level of tax credit North Dakota Monitor First job? Some tax tips for first-time filers WKRN News 2 Opinion: Tax exemption for municipal bonds must be preserved Crain's Cleveland Business New Harborside CCRC owner seeks additional tax abatements after bankruptcy sale McKnight's Senior Living Kansas House passes bill to trigger income tax cuts as long as state has surplus funds Kansas Reflector As IRS nears data deal with ICE, how do undocumented immigrants pay their taxes? Denver 7 Colorado News Securing Property Tax Relief in Iowa Tax Foundation Columbia County tax books open through October 15 Magnoliareporter Strengthening Africa's tax governance: reflections on the Lusaka country by country reporting workshop Tax Justice Network Report: Las Vegas is an attractive bet for Washington state millionaires fleeing wealth taxes GeekWire IRS Layoffs Could Delay Tax Filings and Refunds, Experts Warn NBC Palm Springs Vice chair of House panel says tech tax drove decision to move business to Virginia Maryland Matters Florida residents would pay $5 billion less in sales taxes under House speaker's plan Tallahassee Democrat Poll: Out-of-state schools should not get West Virginia taxes Parkersburg News Most Americans continue to favor raising taxes on corporations, higher-income households Pew Research Center Iowa lawmakers discuss economic development, tax reform Quad Cities Regional Business Journal Florida mulls scrapping property taxes in US first Morning Brew Gianforte pitches further business equipment tax reduction Montana Free Press Statewide Poll Suggests Most Residents Are Open to Paying New Tolls, Taxes for Better Transportation Streetsblog MASS Opinion | Trump’s Giant New Car and Truck Tax The Wall Street Journal Democratic state senators push $17B tax package to balance Washington budget Washington State Standard GOP Eyes Taxes on Municipal Bond Interest: What You Need to Know Kiplinger's Personal Finance Moore defends budget balanced with new taxes as ‘deeply responsible’ The Baltimore Banner Uber, DoorDash Want ‘No Tax on Tips’ to Include Their Drivers The Wall Street Journal Trump wants to replace income tax with tariffs — how would this affect middle-class Americans? Yahoo Finance The Best Tax Services WIRED Mississippi Governor Signs Income, Grocery Tax Cuts and Gas Tax Increase Into Law Mississippi Free Press Tax amendment could safeguard state’s small farms The Recorder |
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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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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. 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