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Tax Information
More Articles from Tax Information: Five tax bills lawmakers passed to underpin Washington’s next state budget Washington State Standard Higher cigarette taxes may improve childhood survival Medical Xpress McLean County to collect 7% more in property taxes this year WEEK | 25 News Now | Peoria, IL Your higher taxes will pay for this, but not that in WA transportation The Seattle Times Trump’s Tax Exemption Plans Would Rob Revenue from Public Services Americans For Tax Fairness New online tool tests how taxes shape sugar-sweetened drink purchases Virginia Tech News Legislature advances bill reducing inheritance taxes, raising county government fees Nebraska Public Media No Tax on Overtime: Winners and Losers The American Action Forum Second-home tax bills advance over opposition from business lobby Montana Free Press Nebraska advances proposal to reduce inheritance tax as budget gap grows Nebraska Examiner Connecticut members tell Congress: ‘No public service cuts to pay for billionaire tax breaks’ afscme Progress Made on Federal Budget, Taxes; Debate on Spending, Revenue Remain CLA (CliftonLarsonAllen) New taxes, no furloughs in WA Legislature’s $77.8B budget deal Washington State Standard WA Legislature approves gas tax increase Washington State Standard Washington lawmakers close out session, sending budgets to governor Washington State Standard Governor Gianforte Celebrates Largest Income Tax Cut in State History State of Montana Newsroom (.gov) Boulder considers tax targeting second homes for 2025 ballot Boulder Weekly With swipe at Gov. DeSantis, Florida House speaker sets course for property tax cuts Tallahassee Democrat Department of Taxation and Finance dos.ny.gov Fort Smith sales tax plan resolution may not be enough to quell opposition Talk Business & Politics Deloitte: Tax Executives Emphasize Transparency, Digitalization Amid Uncertainty CPA Practice Advisor Fort Smith voters to decide on bond funding and tax reallocation in special election, critics claim lack of trust 5newsonline.com Fredonia Board Of Trustees OKs 65% Tax Hike Post Journal Daniel Perez announces select committee on property taxes, with eye toward action in 2026 Florida Politics The House passed its budget bill, but when will 'no tax on overtime' actually begin? Shreveport Times Proposed ExxonMobil facility could generate $671 million in taxes for Calhoun County crossroadstoday.com Flat budgets, tax cuts and priorities: lawmakers balance agendas with finances, economic uncertainty KGOU Consumer Headlines: Economic uncertainty, an ease on tariff taxes, and job openings decrease WHEC.com House Republicans’ Tax Bill Includes Billions for Deportations, Detentions theintelligencer.net Florida House passes $5B tax reduction plan Florida Phoenix Trump's Tariffs Usurp the Legislature's Tax Power Reason Magazine Missouri House again votes to eliminate income tax on capital gains Missouri Independent City of Petal’s 3% restaurant, bar tax given four-year extension https://www.wdam.com Another change in state tax law impacts River Forest budget Wednesday Journal of Oak Park and River Forest Taxes due today on goods sold tomorrow marketplace.org Bessent suggests tariff revenue could offset income taxes Washington Times Montgomery County residents could see their income taxes go up Maryland Matters Hawaii will raise visitor taxes to tackle climate change Hawaii News Now Tax deadline further extended by 4 months for Helene survivors: What to know The Asheville Citizen Times Statewide property tax change could mean a million dollar loss for Central Wyoming College Wyoming Public Media Trump floats new income tax cut in bid to ease bite of tariffs Pittsburgh Post-Gazette Deadline approaches for property tax payments in Whatcom County My Bellingham Now |
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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. 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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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