Tax Information |
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Tax Information
More Articles from Tax Information: Oklahoma House and Senate seem far apart amid budget talks KOCO Oklahoma City Twin Cities restaurant chain owner charged in Dakota County with dodging $260K in taxes Star Tribune Here's S.F.'s sweeping new tax plan to entice workers to the office, boost ailing small businesses San Francisco Chronicle California Supreme Court reluctant to pull tax measure from ballot San Francisco Chronicle Editorial: Coloradans’ property taxes won’t skyrocket now or in the future, thanks to compromise The Denver Post Housing, taxes, guns dominate Colorado's legislative session | News | coloradopolitics.com coloradopolitics.com State VMT Taxes: Vehicle Miles Traveled Tax Foundation New Florida Tax Relief Package: What's in It for You? Kiplinger's Personal Finance Iowa Flat Tax Shows Why Such Policies Are a Problem Everywhere Just Taxes Blog Online Services for businesses Department of Taxation and Finance They thought they paid their taxes on time. Now, some New Mexicans are getting letters saying they didn't. Santa Fe New Mexican Phelan lays out priorities for next legislative session The Texas Tribune Gov. Laura Kelly affirms plan to veto bipartisan $2.3 billion, five-year tax reform bill • Kansas Reflector Kansas Reflector Owner of Hamburguesas El Gordo accused of evading $260000 in taxes Bring Me The News Foreign tax credits intersect with global minimum taxes Accounting Today European Election 2024: Tax Policy Tax Foundation Texans have more than $100 million in 2020 tax returns on the table Houston Chronicle Deadline Approaching for $1 Billion in Unclaimed IRS Refunds Kiplinger's Personal Finance Property taxes, border security among Texas House's interim charges Austin American-Statesman STAR resource center Department of Taxation and Finance Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade Center For American Progress IRS: No Change in Tax Interest Rates for Q3 2024 CPAPracticeAdvisor.com Bionova Scientific gets tax abatement for $56M Woodlands facility Houston Chronicle Former Law Firm Chief Financial Officer Pleads Guilty to Defrauding Firm of More Than $1.5M and Tax Evasion - New ... New Jersey Attorney General Los Gatos residents vote for school parcel tax bump - San José Spotlight San José Spotlight Here's the tax cut Iowa actually needs: Lower the sales tax Des Moines Register California Supreme Court could change who gets to raise taxes in Golden State Washington Examiner What will happen to the Trump tax cuts in 2025, and how will they affect the national debt? | Brookings Brookings Institution Gov. Scott agrees with lawmakers on budget but not taxes Local 22/44 News New Trump Tax Cuts Could Cost $4.6 Trillion, Bipartisan Watchdog Agency Says CPAPracticeAdvisor.com Warren Buffett predicts 'higher taxes are likely' since the national debt won't pay for itself Fortune Legislative briefs for May 8: Final passage of property tax cap Alabama Daily News Appleton considers raising wheel tax to $30 to pay for rising street reconstruction costs Post-Crescent MEBANE PROPOSED BUDGET: Water, sewer rates up 10 percent; property taxes the same - alamancenews.com The Alamance News The Expiration of the 2017 Tax Cuts Provides a Chance at New Pro-growth Reform American Enterprise Institute Internships, taxes, coding: Pilot education program aims to bring back life skills Gillette News Record Middletown residents' slam proposed tax hike through letters, emails Middletown Press Spanish court shelves latest Shakira tax fraud investigation FRANCE 24 English Trump Tax Cut Extension Would Cost $4.6 Trillion: CBO Yahoo Finance Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox CPAPracticeAdvisor.com Reclassifying Marijuana Could Unlock Billions in Tax Savings for Cannabis Companies The Wall Street Journal Analysis | The Trump-Biden battle over the 2017 tax cut The Washington Post Massachusetts real estate transfer fees could lead to losses in Boston, other cities, towns: report Boston Herald Analysis: Texas homeowners’ property taxes are down The Texas Tribune Kansas House speaker urges governor to sign tax cuts and avoid special session • Kansas Reflector Kansas Reflector Bipartisan Bill to Make Colorado More Affordable, Reduce Property Taxes Passes House Colorado House Democrats California Supreme Court weighs removing a measure making it harder to raise taxes from the ballot ABC News Polis, lawmakers, others strike deal expected to reduce property taxes by $1.3 billion in first year coloradopolitics.com Granite Geek: Free government software for taxes – what could go wrong? (Not much, as it turns out) Concord Monitor Northfield City Council makes changes to how it will hear from the public; Cleanup Days in Northfield and Dundas set ... kymnradio.net Biden's tax plan may impact middle class, small businesses, says National Taxpayers Union KEYE TV CBS Austin Georgia lawmakers vowed to restrain tax breaks. But the governor's veto saved a data-center break GPB News Tennessee Comptroller's property reappraisal bill derailed by tax cap argument • Tennessee Lookout Tennessee Lookout Visualizing the Tax Burden of Every U.S. State Visual Capitalist Rodeo Man Pleads Guilty To Tax Evasion Contra Costa News States collected record $4B in cannabis taxes in 2023 Green Market Report |
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How To Get An Instant Pay Raise As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt. Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions Adding Your First Additional Stream of Income Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. How Likely Are You To Be Audited? Statistics for Individuals Home Business Tax Tips If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Get Uncle Sam To Pay $36,000 For Your Childs Education! Let's assume that you would like to begin saving for your children's education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education purposes. Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money Why a Corporation Helps Save You Taxes Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes. Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions. 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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