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| Tax Information |
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Tax Information
More Articles from Tax Information: Texas’ multibillion-dollar sales tax exemption for data centers is growing, while audits lag The Texas Tribune Opinion | Which states have the worst highways? That’s a $375.6 billion question. The Washington Post Could 21 words doom WA 'millionaires tax' repeal? Legal fight looms The Seattle Times Cincinnati school board places earned income tax on November ballot Cincinnati Enquirer ‘Government edit’? Two lawsuits challenge state’s description of WA income tax measure Washington State Standard Options for Reforming America’s Tax Code: A Policymaker's Guide to Tax Reform Trade-Offs Tax Foundation Exclusive | Longtime New Yorkers fume after being hit with massive pied-à-terre tax bills: 'Is this a witch hunt?' New York Post Opinion | The Second Home Tax Is a Win for New York The New York Times Minneapolis council member warns of 13% property tax increase 5 EYEWITNESS NEWS CMS Issues New Rule Again Going Beyond H.R. 1 Requirements to Further Restrict State Use of Medicaid Provider Taxes Georgetown University Progressive Activist Oren Cass Unaware of Republican State Tax Cut Revolution Americans for Tax Reform Atop taxes, here’s how much each Colorado resident pays in fees Colorado Politics Updated Resource: Policy options to broaden the tax base The Tax Law Center Meet Florida's governor candidates: Their views on key issues Tallahassee Democrat Minneapolis council member warns taxes could rise due to city spending FOX 9 Minneapolis-St. Paul Evanston Council quells referendum on making Northwestern University pay tax equivalents Chicago Tribune Texas lawmakers question billions in tax breaks for data centers Texas Public Radio | TPR Prominent Chevy Chase lawyer sentenced for tax evasion, other financial crimes Maryland Daily Record Flying Under the Tax Radar: How Profitable Airlines Avoided Federal Income Taxes in 2025 Institute on Taxation and Economic Policy Illinois sales taxes near top in U.S. Illinois Policy Minneapolis council member warns taxes could rise due to city spending FOX 9 Minneapolis-St. Paul Hedge fund manager who evaded millions of dollars in federal taxes sentenced to 37 months KXAN Austin Healthcare Costs Soar for Kansas Families as Davids Calls for Restoring ACA Tax Credits Representative Sharice Davids | (.gov) California Republicans urge RFK Jr. to block new Newsom-backed taxes on health insurers Denver Gazette Opinion | Scotland’s tax disaster The Washington Post Texas lawmakers question whether multibillion-dollar data center tax break still benefits the state KUT Treasury zones in on Wall Street tax scheme Punchbowl News School board holds hearings on property taxes, but public a no-show Gwinnett Daily Post Ouch, How Much NHL Players Really Keep After Taxes Pittsburgh Hockey Now Tax delays prompt District 65 to seek Bridge Fund loans Evanston RoundTable "Indivisible" Westvillians Grill Lamont On Schools, ICE, Taxes New Haven Independent Double Books and Disguised Payees: Corporate Personal Expenses and the Civil Fraud Penalty in Prezioso v. Commissioner Current Federal Tax Developments Before San Francisco taxes itself for Muni, it should fix Muni The Voice of San Francisco Opinion | I’m from Nebraska. Here’s what wealth-tax advocates don’t realize. The Washington Post Fort Smith sales tax revenue up in June report, first month with Bass Pro Shops sales Talk Business & Politics RPS teacher wants HVAC fixes prioritized, should voters approve 1% sales tax increase WRIC ABC 8News Some city homeowners blast pied-à-terre tax rollout Spectrum News NY1 Should Data Center Tax Exemptions Continue? Texas Scorecard ‘It’s not our money.’; No need to file taxes? Think again St. Albans Messenger The Push and Pull of Texas Property Taxes Texas Real Estate Research Center Split 4-4, council kills Northwestern property tax referendum Evanston RoundTable Texas lawmakers weigh future of data center tax breaks as billions in revenue are at stake Spectrum News City taxes and utility rates likely going up Odessa American Defining Your System's Approach to the New Federal Scholarship Tax Credit: Webinar Series AASA, The School Superintendents Association Lawmakers Need to Get Serious About Business Tax Reform American Enterprise Institute - AEI When is tax-free weekend in Arkansas, and what items qualify? 5newsonline.com Summit County homeowners react to higher home values and taxes Akron Beacon Journal Ford, Lombardo avoid taking sides on state tax breaks for data centers on federal land Nevada Current Man faces $5K bill from the Oklahoma Tax Commission when he says he was living in another state KFOR.com Iowa sets sales tax holiday for Aug. 7-8 thegazette.com Dan Haar: Why Connecticut should keep the hated car tax — for economic fairness. Yes, fairness CT Insider Setting Marijuana Taxes Too High Drives Consumers To The Illegal Market, Federally Funded Study Finds Marijuana Moment Supes discuss tax increase, utilities The Vacaville Reporter New Mexico’s Annual Back To School Tax Holiday Is July 31- Aug. 2 Los Alamos Reporter Tennessee's Sales Tax Holiday is July 31st through August 2nd waynecountynews.net Breaking down Ohio's Sales Tax Holiday Spectrum News Bryant to vote on police hiring grant, property taxes and stormwater safety rules – Meeting July 28 MySaline |
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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. 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. 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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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