Amazon Paid $0 In Federal Income Taxes Last Year [Infographic] Forbes
Despite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year. A recent report from the Institute on Taxation and ...
Rubioâs Misguided Buyback Tax National Review
Sen. Marco Rubio's misguided plan for a stock-buyback tax would create a triple-taxation scheme rather than spurring investment.
Watch Out. Tax Season Is Even More Stressful Than Usual. The New York Times
With millions of people filing tax returns under a new tax law and after a long government shutdown, this is a challenging year. We offer survival tips and ...
5 Early Warning Signs From Tax Reform's First Year Motley Fool
Millions of Americans have looked forward to potential tax savings from the reform efforts that took effect at the beginning of 2018. This tax season is the first ...
Amazon paid no federal taxes on $11.2 billion in profits last year The Washington Post
Amazon, the e-commerce giant helmed by the world's richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the ...
Watching Your Wallet: Tackling Your Taxes WDAM
From standard deductions to child tax credits, changes in the tax code may change your family's tax bill.
A wealth tax is a bad idea CNN
David A. Andelman, drawing on several European examples, writes that Elizabeth Warren's proposed wealth tax in the United States would likely be an ...
Watching Your Wallet: Experts explain the new tax code in simple terms WBAY
Chesterfield, VA (InvestigateTV) - Tax season is here, and this is the first time everyone is experiencing what it's like to file under the most sweeping changes to ...
Bill Gates favors higher capital gains taxes so wealthy pay more Fox Business
Gates says he is concerned about the high budget deficits being run by the U.S..
Tax on sugary drinks tops Lamont's list of new 'sin taxes' The CT Mirror
Gov. Ned Lamont's first budget will include a series of new âsin taxâ proposals, including levies on sugary drinks, electronic cigarettes and plastic bags, and ...
Here's what homeowners must remember at tax time this year NBC News
If you own a home, a lot of things are different this year due to new 2018 tax rules. Here's what you need to look for.
An Indiana tax service turned away a gay couple. Both sides claim discrimination. - Indianapolis Star
An Indiana tax service turned away a gay couple. Both sides claim discrimination. Indianapolis Star
Bailey Brazzel and her wife Samantha weren't trying to make a political statement last week. They were just trying to file their taxes. But when the owner of a ...
4 Overlooked Tax Deductions That Could Save You Big Bucks The Motley Fool
Tax filing time is fast approaching, and at this time of year it's important to keep in mind all of the tax deductions that can help improve your bottom line.
The 8 Most Common 2019 Tax Return Questions, Answered by Experts The New York Times
The most important changes to the tax code in decades have taken effect â and filers are confused. We asked CPAs and other tax-prep pros to simplify things.
4 Reasons Your Tax Refund Could Be Larger Than Last Year's The Motley Fool
Tax reform won't boost everyone's refund, but here are some of the reasons you could get a bigger check.
New tourist taxes from Venice to Bali aim to curb overtourism Quartz
Countries and cities have generally tried to encourage tourismâbased on the premise that holidaying visitors and the money they spend fosters economic ...
Lamont seeks new sin taxes Norwich Bulletin
Gov. Ned Lamont's first budget will include a series of new "sin tax" proposals, including levies on sugary drinks, electronic cigarettes and plastic bags, and ...
A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It - The New York Times
A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It The New York Times
The average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher ...
Crumbling infrastructure is a hidden tax on all Americans | TheHill The Hill
The impact will only grow, threatening U.S. economic vitality and America's future.
A statewide car tax could cut your tax bill, but if you live in Greenwich, youâre out of luck - Hartford Courant
A statewide car tax could cut your tax bill, but if you live in Greenwich, youâre out of luck Hartford Courant
In at least 156 of Connecticut's 169 cities and towns, motor vehicle taxes would go down under a bill that is gaining momentum to create a uniform auto tax ...
When Republicans Favored Taxes The New York Times
A Williams College professor recalls the thinking of President Theodore Roosevelt.
'Tax-the-rich' policies are all the rage in the US | TheHill The Hill
It is surely a wedge that Democrats will seek to exploit in 2020.
Theyâre Rich and Theyâre Mad About Taxes (Too Low!) The New York Times
An affluent few are raging against a tax law that puts more money â a lot more â in their pockets. Friends call them 'traitors to their class.'
All Talk, Little Action: What to Expect on Tax Policy This Year The New York Times
Don't count on big changes. But the heated debates in Congress and on the 2020 campaign trail give clues about legislation to come.
77% of Americans failed this short quiz on tax law changesâhere are the 4 questions that stumped them - CNBC
77% of Americans failed this short quiz on tax law changesâhere are the 4 questions that stumped them CNBC
The Tax Cuts and Jobs Act of 2017 made sweeping changes â now, Bankrate finds, as Americans are filing taxes, many of them are unclear as to how the law ...
âOpportunity Zonesâ Offer Tax Breaks and, Maybe, Help for Communities The New York Times
By enabling investors to postpone paying the tax man, new funds may draw money into distressed communities. But succeeding at both may be challenging.
If you are waiting on a big tax refund, then you aren't doing it right | Opinion Philly.com
Ask any competent accountant and they'll tell you that in the best of circumstances the taxes a small business owner pays during the year from withholdings and ...
5 Ways to Cut Your Tax Bill in Retirement Yahoo Finance
Retirement is the time to enjoy the fruits of many years of laboring away at a job. Following are several ways to trim your tax bill during retirement. Once you near ...
The tax code treats all 1 percenters the same. It wasnât always this way. The Washington Post
When we debate income tax policy in the United States, we typically focus on what's in the chart above, which shows the top marginal tax rate from 1913 to the ...
10 states that are the most tax-friendly for middle-income households CNBC
Tired of high income taxes? Consider packing up and heading for Alaska, Delaware or Nevada. Here's a list of the 10 most and least tax-friendly states for ...
Bill Gates suggests higher taxes on the richâthe current system is 'not progressive enough,' he says - CNBC
Bill Gates suggests higher taxes on the richâthe current system is 'not progressive enough,' he says CNBC
While the tax system in the United States is progressive â which means, generally, that the more money you make, the more money you pay in income taxes ...
Wealth tax calculator: Try your hand at taxing the super rich Vox.com
Sen. Elizabeth Warren (D-MA) recently proposed a wealth tax on the very rich as a way to curb wealth inequality. It's a simple 2 percent tax on fortunes over $50 ...
Smaller Tax Refunds Surprise Those Expecting More Relief The New York Times
Many early filers under President Trump's tax plan are surprised that their refunds are smaller or that they owe the I.R.S., even as their tax burdens have ...
Property taxes dropping in half of King County cities after years of big increases - The Seattle Times
Property taxes dropping in half of King County cities after years of big increases The Seattle Times
Taxes for the median homeowner are going down in Seattle and up in Bellevue â but overall, tax rates are essentially flat in King County.
Social Security: Democrats Want To Hike Payroll Taxes By $1.5 Trillion Investor's Business Daily
Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in ...
New York Millionaires Tell Albany: Tax Us, Please The New York Times
A former BlackRock executive urged lawmakers in Albany to create a multimillionaire's tax to help pay for schools and affordable housing.
One surprising way to beat the SALT deduction cap: Move to a nearby town CNBC
Much has been made of the migration of residents from high-tax to low-tax states following a new cap on the deduction for state and local taxes. But some New ...
As Marylanders do their taxes, many are asking: Why'd I get such a big tax hike? Baltimore Sun
Baltimore lawyer Eric Hontz had heard about how some blue, high-tax states like Maryland weren't expected to fare well under the sweeping changes to the ...
Elizabeth Warren Wants a Wealth Tax. How Would That Even Work? The New York Times
When the United States government wants to raise money from individuals, its mode of choice, for more than a century, has been to tax what people earn â the ...
Gundlach: My marginal tax rate is 52.6%, and it's 'really weird' that people like Mitt Romney pay 14% - Yahoo Finance
Gundlach: My marginal tax rate is 52.6%, and it's 'really weird' that people like Mitt Romney pay 14% Yahoo Finance
Famed bond investor Jeffrey Gundlach thinks there are other solutions to narrow a yawning income inequality gap than a 70% marginal tax rate.
How the new tax law will affect your 2018 return NBC News
For the first time in her life, Gina Ednie, 45, has hired an accountant to prepare her taxes. Not only is she concerned about the $18,500 property tax bill on her ...
2018 Local Tax Payments by Huayi Brothers, Some Major Chinese Stars Revealed Variety
The Chinese city that is home to the world's largest film studio has released lists of its top registered taxpayers in 2018, revealing the payments by major ...
Trumpâs U.N. pick Heather Nauert withdraws over nannyâs work status, unpaid taxes - ThinkProgress
Trumpâs U.N. pick Heather Nauert withdraws over nannyâs work status, unpaid taxes ThinkProgress
State Dept. spokeswoman Heather Nauert, President Donald Trump's pick to be Washington's next U.N. ambassador, has withdrawn from consideration for the ...
Filing Taxes on Your Phone? Insert Frustrated-Face Emoji Here The New York Times
Millions of people are expected to submit their returns via mobile platforms this year. I won't be one of them.
Let's talk about capping pay hikes for cops, firefighters, and giving tax help to the charitable, Republican leader says - NJ.com
Let's talk about capping pay hikes for cops, firefighters, and giving tax help to the charitable, Republican leader says NJ.com
It's time for the Legislature to hold public hearings on some structural reform that could significantly reduce taxes.
Bill Gates says tax policies like Alexandria Ocasio-Cortezâs are âmissing the pictureâ - The Verge
Bill Gates says tax policies like Alexandria Ocasio-Cortezâs are âmissing the pictureâ The Verge
Speaking on The Vergecast this week, Gates said that while marginal tax rates in the United States can be "more progressive" there are now some politicians ...
Married filing taxes jointly vs. separately: Pros and cons Fox Business
Married couples have the choice of filing their taxes Opens a New Window. jointly or separately. What is the best option for you and your spouse? Generally, it is ...
Elizabeth Warrenâs popular plan to tax the rich is probably unconstitutional - The Washington Post
Elizabeth Warrenâs popular plan to tax the rich is probably unconstitutional The Washington Post
As she officially kicked off her presidential campaign last weekend, Sen. Elizabeth Warren rallied her supporters behind her signature proposal: a wealth tax on ...
New Zealand to target online firms like Google, Facebook and Amazon with digital tax CNBC
New Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, ...
Canfield doctor to keep medical license after tax crime conviction WFMJ
A Canfield physician who was previously jailed for tax crimes will be allowed to keep his medical license. The State Medical Board of Ohio has ordered that ...
Tax code changes leave Americans asking, 'What happened to my refund?' NBCNews.com
With tax season officially under way, some early filers are finding their refunds are a fraction of what they anticipated or â worse yet â that they owe the IRS.
Conservative fiscal policies have made Florida a haven for high-tax refugees Miami Herald
New York's Gov. Andrew Cuomo told New Yorkers unhappy with the state's high taxes that Florida was an attractive option.
Taxes 2019: 10 common filing mistakes to avoid this year USA TODAY
More than 150 million tax returns are expected to be filed to the Internal Revenue *Service* this year. It's likely some may have errors. Don't let it be you.
Alphabet unit seeks share of property taxes for Toronto smart city Reuters
Alphabet Inc's Sidewalk Labs unit is proposing it get a share of property taxes, development fees, and the rising value of Toronto city land as part of a deal to ...
For Democrats Aiming Taxes at the Superrich, âthe Moment Belongs to the Boldâ - The New York Times
For Democrats Aiming Taxes at the Superrich, âthe Moment Belongs to the Boldâ The New York Times
The only thing more startling than the flurry of tax proposals Democrats have unveiled in recent weeks is the full-throttle response they've gotten from the public.
Letters: Amazon, property taxes, education, teachers, Catholics, e-cigarettes Dallas News
HedRe: Dallas to Amazon: Take another look Downtown has a plan to expand - Downtown still open to welcoming HQ2 -- or another company, Wednesday...
Schultz: âI should be paying more taxesâ POLITICO
But the possible presidential candidate declined to be specific.
A columnistâs apology to Dan Patrick: The tax records were wrong. So was I - Fort Worth Star-Telegram
A columnistâs apology to Dan Patrick: The tax records were wrong. So was I Fort Worth Star-Telegram
The Houston Chronicle has corrected a news report questioning why the Texas lieutenant governor's property taxes went down.
Fashion faux pas? MLM company LuLaRoe sued in Alaska over sales taxes. KTOO
Anchorage resident Katie Van says she was charged undue sales taxes on clothing she bought from outside of Alaska. But LuLaRoe says they fixed their sales ...
Tax On Business Sale? Company, Owners Or Both May Pay IRS Forbes
The sale of a business is usually a big event in the owner's life. Many people work for decades or a lifetime before selling. Others build and sell multiple ...
Munger Asks, âWho Wouldnât Want Rich People?â in Tax Pushback Bloomberg
Charles Munger, the longtime business partner of Warren Buffett, is skeptical of recent Democratic proposals to tax the wealthiest Americans.
How the 2019 Tax Bracket Changes Affect Your Wallet Yahoo News
The tax brackets are changing in 2019. Here's how the changes will affect your wallet.
Harris fact-checked over ânonsensicalâ claim Trump hiked taxes on middle class Fox News
2020 hopeful Sen. Kamala Harris, D-Calif., is under fire for claiming that lower tax refunds are a sign that the Trump tax cuts are âa middle class tax hikeâ ...
Property developer who owed more than âŹ1 million in unpaid taxes and penalties receives 240 hours community service - TheJournal.ie
Property developer who owed more than âŹ1 million in unpaid taxes and penalties receives 240 hours community service TheJournal.ie
The judge sentenced James Jordan to 240 hours community *service* in lieu of 18 months imprisonment.
Progressives ready to battle Connecticutâs rich over taxes Hartford Courant
A major liberal block in the House of Representatives unveiled a series of tax proposals Thursday that could put them at odds with Gov. Ned Lamont and other of ...
Polls: Hiking estate tax less popular than taxing mega wealth, income The Hill
Americans are proving increasingly receptive to raising taxes on the well-to-do, but new polling suggests that idea of increasing inheritance taxes is not as ...
Democratsâ tax plans reflect profound shift in public mood The Washington Post
From the outset, several top-tier Democratic presidential candidates are pushing for new taxes on the wealthiest Americans and attempting to portray themselves ...
El Chapo, Taxes, Parkland: Your Wednesday Briefing The New York Times
(Want to get this briefing by email? Here's the sign-up.) Good morning,. We're covering the prospects of a border security deal in Washington, as well as the ...
Pritzker budget to boost education, use marijuana money, freeze income tax Chicago Sun-Times
In his first budget address, Democratic Gov. J.B. Pritzker plans to pitch an âaustereâ spending blueprint with no increase in the state income tax rate, a bump in ...
Corporate tax breaks can backfire â as New York City just found out NBCNews.com
Amazon's high-profile withdrawal from a multibillion-dollar development in New York City has shone a spotlight on the perceived need for tax breaks and other ...
Tax department to 'crank it up' as Northam signs tax bills Richmond.com
Secretary of Finance Aubrey Layne had a quick message for Virginia's tax commissioner, soon after Gov. Ralph Northam signed long-awaited legislation to ...
In light of 2017 law, Minnesota needs to take a look at its income tax Star Tribune
A one-page memo on January tax revenue that Minnesota Management and Budget Commissioner Myron Frans sent the governor last week sought to avoid ...
Can We Afford Sen. Warrenâs Wealth Tax? Wall Street Journal
It is not a question of if, but when, Elizabeth Warren's 2% wealth tax on the very rich will be ratcheted down deep into the middle-class.
Millionaires plead with Albany: Raise our taxes (report) newyorkupstate.com
Albany, N.Y. â A group of millionaires wants government to do something about taxes. Raise them. The group, Patriotic Millionaires, has about 200 members, ...
12 States That Won't Tax Your Retirement Income Yahoo Finance
You've worked hard all your life, and now you're retired (or will soon retire). Unfortunately, there's a pretty good chance that Uncle Sam is going to take a cut of ...
Rev up your calculators: What you need to file your 2018 taxes CNBC
Political gridlock notwithstanding, here's one thing you can count on: The start of tax season. The IRS has said it will begin receiving your 2018 tax returns on ...
Andrew Cuomoâs Tax Epiphany The Wall Street Journal
New York Gov. Andrew Cuomo was on the road to Albany when a light flashed before him. Lo, said a voice from the light, progressive taxes are driving out high ...
How Much Do You Have to Make to File Taxes in 2019? TheStreet
Your income, filing status and age all play a role in whether you have to file a tax return and what your requirements are. Here's what you need to know.
Taxes 2019: When to file and what big changes to expect USA TODAY
Tax filers need to realize, though, that it won't be business as usual when it comes to filing their 2018 tax returns.
Americans continue their march to low-tax states | TheHill The Hill
The continued exodus of Americans away from less economically competitive states remains evident in the new census numbers.
Small Businesses Have a New Tax Break, but There Are Many âIfsâ The New York Times
Small businesses may be able to receive a big tax break this year, thanks to the new rules. They also may face a big headache: figuring out whether the tax ...
Virginia tax changes signed into law, refund processing can begin WTOP
Gov. Ralph Northam signed emergency tax legislation into law Friday, which will allow delayed state tax return and refund processing to begin soon.
Get ready for some big changes when filing 2018 taxes Houston Chronicle
The standard deduction has nearly doubled. The write-offs for state and local taxes have shrunk. The personal exemption is gone. Even the tax forms have ...
Public shaming threat moves 1 delinquent Tarentum property owner to pay taxes Tribune-Review
The threat of publicly shaming delinquent taxpayers in Tarentum hasn't produced the desired results as far as the borough is concerned. As of Thursday, just ...
How to report FAFSA college money on a federal tax return AOL
Each financial award you receive from the federal government will have separate and unique tax consequences for your federal tax return.
Analysis: The challenge of reining in property taxes at no cost to schools The Texas Tribune
A Texas Senate committee is moving rapidly to require voter approval for local property tax increases over 2.5 percent. But some want to see the Legislature's ...
If it werenât for the estate tax, the majority of the superwealthyâs money would never be taxed - The Washington Post
If it werenât for the estate tax, the majority of the superwealthyâs money would never be taxed The Washington Post
The estate tax usually isn't a double tax. It's often the only tax that the dynastically wealthy pay.
Here's who is more likely to get a lower refund this tax season, according to experts - Yahoo Finance
Here's who is more likely to get a lower refund this tax season, according to experts Yahoo Finance
The new tax law may mean many Americans see a smaller federal refund this year, or perhaps even owe money to the IRS. Here's who is most at risk.
Scholarship tax credits aren't vouchers and won't hurt public schools Courier Journal
Kentucky must give families a choice by passing scholarship tax credit legislation allowing private dollars to help kids go to private schools.
Minimise your taxes in February Independent Online
February is tax month and time to review your investments and take advantage of some of the few breaks from the taxman. The two most important taxes to ...
Understanding Elizabeth Warrenâs Wealth Tax Proposal Barron's
The ultrarich face lower effective tax rates than the population at large. We look into how an annual tax on net worth would work.
Carbon Taxes: A Letter from Canada National Review
Hey America,. It's Canada, your friendly neighbor to the north. You might remember us â there's a big white wall between our properties. But only in winter.
Wayne County treasurer's family bought tax-foreclosed properties Detroit Free Press
Relatives of Wayne County Treasurer Eric Sabree purchased tax-foreclosed real estate, including three houses in Harper Woods, in violation of his office's own ...
George Latimer: If state OKs sales tax hike, county property taxes stay flat - The Journal News | LoHud.com
George Latimer: If state OKs sales tax hike, county property taxes stay flat The Journal News | LoHud.com
Westchester County Executive George Latimer said Saturday he'll propose keeping the county property tax flat for two years if the state OKs a 1 percent hike ...
Californiaâs Supreme Court has thrown citiesâand citizensâinto chaos over local taxes - CALmatters
Californiaâs Supreme Court has thrown citiesâand citizensâinto chaos over local taxes CALmatters
How many votes does it take for a new tax to become law? The California Supreme Court has yet to clarifyâand now cities are getting sued.
Nothing Is Certain But Death, Taxes and Muni Bond Advantages Bloomberg
If the last few days are any indication, the denizens of Wall Street either aren't as sharp as they seem or they're dreading the prospect of paying more in taxes.
4 Smart Tax Moves You Can Make Right Now The Motley Fool
One of them could save you hundreds or even thousands of dollars on your tax bill.
We must tax footloose multinational corporations, but taxes must be fairly apportioned - MarketWatch
We must tax footloose multinational corporations, but taxes must be fairly apportioned MarketWatch
Redesigning the global tax system to end massive tax avoidance by multinational corporations must not deprive the developing countries of revenues they need, ...
Wall Streetâs Slide Hurts New York; City Loses Nearly $1 Billion in Tax Revenue - The New York Times
Wall Streetâs Slide Hurts New York; City Loses Nearly $1 Billion in Tax Revenue The New York Times
Thursday's report of a sharp decline in income tax revenue for New York City is a nearly $1 billion surprise: Is it an anomaly, or the new normal?
Elizabeth Warren's plan to tax the super-rich has been tried before. Here's what happened. - NBC News
Elizabeth Warren's plan to tax the super-rich has been tried before. Here's what happened. NBC News
Sen. Elizabeth Warren, D-Mass., has made a splash with her plan for a "wealth tax" on the super-rich, a major break from typical Democratic proposals that target ...
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: ˇ Has sufficient years preparing home-based business tax returns ˇ Prepares less than the average number of returns between January and April so that your return gets sufficient time and attention. ˇ Have had clients get a second opinion. In addition, talk to those clients to get there first hand insight. ˇ Is willing to pay for a second review of your tax returns to ensure accuracy. ˇ 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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