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| Tax Information |
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Tax Information
More Articles from Tax Information: ‘I feel bad for them’: Due to senior tax freeze, districts like Rockwood, Parkway and Ladue losing millions First Alert 4 WA Legislature’s ‘Revenue Queen’ readies for 2026 tax battles Washington State Standard Lawmakers throw property tax proposals against the wall, hoping something sticks South Dakota Searchlight Rogue Ales abruptly closes Newport operations and restaurants; owes hundreds of thousands in rent and taxes OregonLive.com Mayor talks FWISD takeover, taxes and maintaining Fort Worth’s ‘vibe’ during TribFest Fort Worth Report Hochul’s taxing times Politico State Passes Balanced Budget | Cuts Your Taxes | Personal Care Collection Drive Pennsylvania House Democratic Caucus Reynolds says property tax cuts mean Iowans must be OK with changes to how they get services The Des Moines Register The I.R.S. Tried to Stop This Tax Dodge. Scott Bessent Used It Anyway. The New York Times Massachusetts Proposition 2 ½ Is Working Tax Foundation When will new property tax bills be available in New Castle County? The News Journal Kansas budget has big gap between tax revenue and government spending The Topeka Capital-Journal Nebraskans will support keeping federal tax dollars in Nebraska Nebraska Examiner From voter ID to taxes: County approves 2026 legislative priorities Rio Rancho Observer Illinois sports wagers decline after implementation of new tax The Center Square Trump administration ended free tax filing program. Here’s where Oregonians can go instead Oregon Capital Chronicle WhistlinDiesel Creator Cody Detwiler Arrested for Alleged Tax Evasion on Ferrari F8 Tributo Road & Track PILOT may add to city tax hike observertoday.com SD opts into Trump’s education tax credit program South Dakota Searchlight Texas Matters: Killing hemp and ending school property taxes Texas Public Radio | TPR Texas Gov. Greg Abbott Floats Eliminating School Property Taxes for Homeowners in Reelection Bid Realtor.com Pillen could expand reach of federal tax credit to help public and private school students Nebraska Examiner You Could Still Owe Taxes on Social Security Benefits in 2025. Here's How to Know for Sure. The Motley Fool Experts debate potential property tax measure at USF: ‘This is policy malpractice’ - Florida Phoenix Hochul open to raising taxes on NY corporations to fund socialist Zohran Mamdani's freebies New York Post Have a backyard Airbnb? Proposed rules say Montana’s upcoming second-home tax will hit it Montana Free Press San Francisco property tax: The city could owe $1B in refunds if it fails to meet its deadline The San Francisco Standard Every Tax Deadline You Need To Know TurboTax This FL doctor profits from tax ‘loophole’ and 6-figure return on short-term rentals. But owning Airbnbs is no vacation Yahoo Finance ‘They Want to Kill Art’: The French Art World Is Up In Arms Over a Proposal to Impose New Taxes on Art ARTnews.com DA may investigate Santa Clara County over sales tax measure San José Spotlight In texts, new S.F. supervisor wrote she paid workers ‘under the table,’ skimped on taxes Mission Local Did you receive mail from us? Department of Taxation and Finance (.gov) Reducing or Avoiding Capital Gains Tax on Home Sales Investopedia Battle still raging over film tax credits in Nevada Legislature's special session Reno Gazette Journal No tax increase expected in Indiana Township TribLIVE.com WATCH: Read my lips -- taxation is representation The.Ink | Anand Giridharadas Bajema: Reinvest in Michigan recycling without raising fees or taxes The Detroit News Cigarette Taxes Are Costing States Billions in Lost Revenue Reason Magazine Some McLean County homeowners might see modest tax relief next year WEEK | 25 News Now Italy’s South Tyrol region scraps planned dog tourist tax South China Morning Post SEARCH: See how much money your Pa. school district will receive to close adequacy, tax burden gaps Spotlight PA Pennsylvania Republicans Pull Off Budget Stalemate Wins: Avoid Tax Hikes & End Multi-State Carbon Tax Threat Americans for Tax Reform The California Campaign to Introduce a First-of-Its-Kind Billionaire’s Tax - The Wall Street Journal The California Campaign to Introduce a First-of-Its-Kind Billionaire’s Tax The Wall Street Journal City Council wants to tax YOU instead of taxing ultra wealthy corporations like Target and Google Chicago Teachers Union Governor Newsom signs legislation cutting taxes on cannabis, promoting the long-term success of the legal industry California State Portal | CA.gov |
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RELATED ARTICLES
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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