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Tax Information |
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Tax Information
More Articles from Tax Information: Trump: I ‘love the concept’ of millionaire tax hike, but ‘may not be acceptable to the public’ The Hill WA Legislature considers new tax aimed at Elon Musk’s Tesla The Seattle Times WA Legislature approves gas tax increase Washington State Standard Department of Taxation and Finance dos.ny.gov Trump’s inner circle weighs push for higher taxes on millionaires The Washington Post Florida House passes $5B tax reduction plan Florida Phoenix WA gas tax to rise for first time in nearly a decade The Seattle Times Athens voters will soon decide whether to raise taxes as the city's revenue lags behind expenses WOUB Public Media - Washington Policy Center gathers signatures against new taxes NonStop Local KHQ 6-cent gas tax hike central to new transportation deal in WA Legislature - Washington State Standard 6-cent gas tax hike central to new transportation deal in WA Legislature Washington State Standard Plan to raise cap on property tax growth collapses in WA Legislature Washington State Standard Tax fight crescendos in Washington Legislature Washington State Standard Property tax cut for seniors passes Texas Senate KXAN Austin Property tax cuts stall as Florida session nears deadline Tallahassee Democrat Zach Nunn talks taxes, tariffs and more at Westside Conservatives Club The Des Moines Register Timber severance tax ignites wildfire funding debate Oregon Capital Insider High property taxes cause concern Sandusky Register US Treasury Hits Record $15 Billion In Customs And Excise Tax Haul Amid Trump's Trade Policies Yahoo Finance Missouri House set for debate on flat tax, rate cuts as session moves into final weeks Missouri Independent You may soon be able to pay fees, taxes in Ohio with cryptocurrency like Bitcoin News 5 Cleveland WEWS Somerville Borough Council Approves 2025-26 Budget; Average Tax Increase $27 per Residence - TAPinto Trump imposed new taxes with only a wave of his hand, and Nevada Republicans are fine with that Nevada Current Democrats in Washington Legislature reveal sweeping new tax plan Washington State Standard Trump Says 'As a Rich Person' He Wouldn't Mind Paying More Taxes Business Insider CMS may soon propose Medicaid provider tax regulation Fierce Healthcare Ferguson criticizes Democrats’ $12B tax plan as ‘too risky’ Washington State Standard Perillo votes no on state tax increase The Monroe Sun Florida House approves tourism tax shift Observer Local News Last-minute Tax Day reminders for Philly taxpayers City of Philadelphia (.gov) Japan Tourism Taxes on the Rise recommend.com Controversial ‘Tesla tax’ bill targeting EV credits is zooming through Washington Legislature GeekWire New Poll: What Americans Need To Know About The Trump Tax Cuts Hoover Institution Why Tax Breaks for Data Centers Could Backfire on States Time Magazine Talk of raising taxes on millionaires swirls as Republicans draft Trump's 'big, beautiful bill' WV News New taxes will soon dwarf the billions spent on homelessness in last decade. Who's watching over it? Los Angeles Times Trump doesn’t want to boost taxes on millionaires because he’s worried they’d leave the country Yahoo From the Foothills | Death and Taxes The Wenatchee World Emergency supplies sold ‘Tax Free' this weekend in Texas NBC 5 Dallas-Fort Worth Missouri is sleepwalking into a half-billion dollar tax cut for the rich Missouri Independent Senate votes down Gianforte property tax relief bill, again Montana Free Press |
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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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