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Tax Information
More Articles from Tax Information: California entrepreneur warns billionaire wealth tax could trigger 'giant sucking sound' of business exits Fox Business California's billionaire tax could 'kickstart a movement' that spreads to more states and countries Fortune What the Kennedy Center’s Tax Return Reveals The Atlantic Trump said American seniors would pay ‘no tax’ on Social Security benefits, but not everyone got in. Are you covered? Yahoo Finance Why WA unions are pouring millions into keeping new income tax seattletimes.com How the ballot proposal to overhaul Colorado taxes could change your tax bill — and who pays more denverpost.com Governor Newsom expands film and TV tax credits with new legislation, creates tax credit to support post-production jobs California State Portal | CA.gov The rich do pay taxes and other little-known facts - The University of North Carolina at Chapel Hill The rich do pay taxes and other little-known facts The University of North Carolina at Chapel Hill Housing, taxes central in Tampa House race The Center Square State revenues miss targets as personal income taxes fall short in July Vermont Business Magazine Hinson, Sen. John Barrasso of Wyoming highlight GOP tips, overtime tax cuts Iowa Capital Dispatch Billions in Taxes Go Unpaid. Under Trump, the I.R.S. Won’t Say How Much. The New York Times GOP Ad Attacks Ossoff’s Vote Against Trump Tax Cuts FactCheck.org Iowa advocates call for attention on proposed income tax constitutional amendment Iowa Capital Dispatch Have major Milwaukee County taxes generally increased under Crowley? Milwaukee Journal Sentinel Forecast shows stagnant revenue because of tax reform ScripType Publishing Bellosguardo Foundation Sues Santa Barbara County over Property Taxes The Santa Barbara Independent Haines to vote on measure that would reduce a property tax break for seniors and disabled veterans khns.org DeKalb property tax office will offer extended hours starting Sept. 21 Rough Draft Atlanta Lawsuit seeks to keep graduated income-tax-system proposal off November ballot The Sum and Substance Editorial: Suspend South Carolina’s gas tax? With these roads? Post and Courier SC pauses apartment tax loophole that's drained millions from local government and school budgets Post and Courier 3 Harris County commissioners defend largest property tax increase in county history and blame Trump, Abbott Click2Houston Newsom signs California’s first standalone post-production tax credit Los Angeles Times Some Houston-area local governments bringing in more property tax revenue despite not raising taxes ABC13 Houston Solano Tax Watchers: Taxes only raise money for government DailyRepublic.com San Antonio leaders cap 'tumultuous' budget season with first property tax hike in decades kens5.com CVCC maintains financial stability amid property tax changes ScripType Publishing California’s Billionaires. Why Not Tax Their Wealth? moderndiplomacy.eu Harris County approves largest property tax hike in county history. Here’s what homeowners could pay Click2Houston Billionaires call California home. Why not tax them? dailysabah.com Should the state of Ohio ban property tax incentives for data centers? Ohio Capital Journal The Daily Roundup: Kalispell Chamber Candidate Forum Centers on Property, Income Taxes Ahead of 2027 Legislature Flathead Beacon New York City Pied-à-Terre Tax Raises Many Questions New York State Bar Association Your Morning: Abdul El-Sayed says Medicare for All shouldn’t raise taxes for most families NewsNation Byron Donalds says hotel taxes could be used for infrastructure Orlando Sentinel Lombardo curtails Nevada data center tax break program in executive order The Nevada Independent Hanni disputes taxes sought by county auditor - The Vindicator Town Hall brings residents, experts together for Ohio’s 33rd Senate District issues Mahoning Matters Did You Miss It? Dallas Police Shortfall, Texas Classroom Battles And North Texas Tax Hikes Dallas Express How much could you save in taxes from Florida's Amendment 3? Here's how you can find out. cbsnews.com New Hampshire’s first statewide chance to cap property tax growth comes in November THE JOSIAH BARTLETT CENTER FOR PUBLIC POLICY Opinion | Raising the payroll tax would not fix Social Security The Washington Post Movie pitch: California’s desperate rush to use tax credits to save Hollywood San Francisco Chronicle Want people to believe in democracy? Tax a billionaire The Washington Post ‘We punted’: San Antonio approves first tax increase without mayor’s support Texas Public Radio | TPR Car Tax Payments Due Oct. 5 – What You Need to Know Fairfax County (.gov) Newsom Signs Bills Expanding California Film and TV Tax Credits news.bloombergtax.com Pursuit for tax exemptions for data centers in N.Y. slammed spectrumlocalnews.com Florida city holds property taxes flat, cuts fire fee, and says homeowners could save $250 The Cool Down Poll: California voters support billionaire wealth tax — and its countermeasures The Mendocino Voice Ending school property taxes for homeowners would cost Texas nearly $9B per year, officials say Community Impact Newspaper Nobel economists throw support behind California billionaire tax Financial Times |
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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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