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Tax Information
More Articles from Tax Information: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners The Wall Street Journal Congress stripped IRS of another $20 billion in government shutdown fight The Washington Post IRS to send unclaimed tax rebates to 1M Americans Fox Business Kansas will finally get rid of its sales tax on food and groceries The Topeka Capital-Journal State sales tax on groceries drops to zero Jan. 1 Kansas Reflector Democratic state senator’s email reveals tax ideas WA lawmakers may debate Washington State Standard 7 Tips to Prepare for Next Year’s Taxes Now CPAPracticeAdvisor.com Taxes, housing, abortion: What's on tap for NH Legislature in 2025? New Hampshire Public Radio Tax-Exempt Interest Income: Your Path to Tax-Free Earnings Business Insider Online Services for businesses Department of Taxation and Finance Tax bill carries a double whammy for some Superior Telegram New Salem officials say they won't raise taxes for Northern Regional policing contract York Dispatch No Victory On Property Taxes This Year Mountaintimes New Bedford property taxes going up for homeowners. How much more can you expect to pay? SouthCoastToday.com Oops! Missent email reveals WA Senate Dems’ tax plans The Seattle Times File online with Sales Tax Web File Governor.NY.gov STAR resource center Department of Taxation and Finance Employment opportunities Department of Taxation and Finance December 31 RMD Deadline: What to Know and What to Do Kiplinger's Personal Finance Head of Household Filing Status: A Comprehensive Guide Business Insider Top Tax Stories of 2024 and Key Changes to Watch for 2025 Kiplinger's Personal Finance Cole County passes senior tax freeze Jefferson City News Tribune Eagle Specialty Materials completes payment of delinquent taxes owed by Blackjewel - Wyoming Tribune Wood River approves $2.5 million tax levy Alton Telegraph Taxes, Regulations and Trade Policies in Focus as Small Business Owners Plan for 2025 Eagle News Online San Diego County will sell off more than 700 properties for past taxes - The San Diego Union-Tribune San Diego County will sell off more than 700 properties for past taxes The San Diego Union-Tribune Department of Taxation and Finance Governor.NY.gov California businesses are now shouldering the state's federal unemployment debt with higher payroll taxes KCRA Sacramento Adams County Approves 2025 Budget with Tax Increase Gettysburg Connection How Social Security, retirement, and taxes are changing Newport News Times Income tax credits Department of Taxation and Finance $4.6M in property taxes yearly pay down RDA debt Manteca Bulletin 'Twas The Year-End For Taxes Forbes Rooftop in need of volunteers for free tax prep The Carroll News Homeowners are paying more for insurance and taxes than their mortgages, study shows - New York Post In split vote, Armstrong officials OK 5-mill county tax increase The Courier-Express IRS warning NJ residents about expensive tax scams on social media New Jersey 101.5 FM MLB Luxury Tax: Several teams set to pay luxury taxes Sactown Sports Inslee proposes taxing wealthy residents and businesses to close Washington’s budget gap Washington State Standard Lyft lawsuit accuses San Francisco of overcharging it $100 million in taxes San Francisco Chronicle How Tax-Loss Harvesting Works for Retail Investors Investopedia Tax Justice transformational moments of 2024 Tax Justice Network East Lampeter Twp. budget passes with 5% tax hike; 2 supervisors to step aside next year LNP | LancasterOnline Maximize Your Refund: 7 Tax Deductions You Might Be Missing Money Talks News County seeking piece of hotel occupancy tax Community journal Yates County Legislature hears concern about ambulance service funding and taxation FingerLakes1.com Trump’s Agenda: Taxes FactCheck.org Department of Revenue Governor Tom Wolf Multnomah County Preschool For All Personal Income Tax Multnomah County Trump wishes Christmas to ‘radical left lunatics’; offers tax cuts to ‘51st US state’ Canada Hindustan Times Retirement Planning Strategies: Boost Your Income, Cut Your Taxes In 2025 Investor's Business Daily A Kentucky single dad says he hasn’t filed taxes in years despite making $80K — Dave Ramsey tries to scare him straight Yahoo Finance Monticello school tax levy drops 1% ECM Publishers Death, taxes & Van der Poel solos! Another epic display hands world champion dominant World Cup Gavere win CyclingUpToDate.com Tax relief for working, retired Montanans Daily Inter Lake Revenue Implications of Tax Cut and Jobs Act Provisions in 2025 Center for Strategic & International Studies Tax data Department of Taxation and Finance No more tax on tips? Workers welcome plan, but experts say there are better ways to help Courier Journal Washington Democrats leak $15 billion tax increase plans 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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