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Tax Information
More Articles from Tax Information: Trumpâs inner circle weighs push for higher taxes on millionaires The Washington Post The Force That Holds Trumpâs Coalition Together The Atlantic Plan to raise cap on property tax growth collapses in WA Legislature Washington State Standard Treasury Secretary Bessent Talks China Trade War De-Escalation and Tax Cuts The New York Times âDonkeys will flyâ before GOP hikes taxes on wealthy to fund budget bill: Rep. Wasserman Schultz MSNBC News 6-cent gas tax hike central to new transportation deal in WA Legislature - Washington State Standard 6-cent gas tax hike central to new transportation deal in WA Legislature Washington State Standard Nashville property values soar, homeowners concerned about property taxes Https://Www.Wsmv.Com Tony Evers, Republicans in Wisconsin Legislature say tax cut negotiations are âproductiveâ - WPR Abortion, immigration, taxes and insurance: See the bills filed by Lafayette-area lawmakers The Current â Lafayette's Community Voice Fischer and Ricketts aim to protect ag industry by extending Trump tax cuts Nebraska Public Media 2025 Tax Cliff: âDeath Taxesâ Threaten Farm Families Northern Ag Network Fiscal Forum: Tax Foundation Europe Interview with Italian Vice-Minister Maurizio Leo Tax Foundation The Case for Health Taxes Center For Global Development Tax fight crescendos in Washington Legislature Washington State Standard Ferguson criticizes Democratsâ $12B tax plan as âtoo riskyâ Washington State Standard Trump said 'there is a chance' tariff revenue could replace the income tax. Economists are skeptical CNBC New product helps Harris County homeowners with property tax protests Houston Chronicle City, Invest Atlanta partner for tax relief program to help seniors battle rising property taxes Atlanta News First State House advances Newark's proposed $100 per-student annual tax on University of Delaware Delaware First Media Washington Democrats advance $12B tax package amid backlash MyNorthwest.com Woman says she paid $15,000 to tax company for 93-year-old mother, but none of it went to the IRS WSB-TV Democratic lawmakers push tax increases in hopes of balancing Washingtonâs budget The Spokesman-Review In the dead of night, WA House passes trio of tax hike bills The Center Square Brocton approves âmodestâ tax increase observertoday.com New Iron Range in-person property tax payment option offered Northern News Now New Jersey school taxes to rise dramatically in many Ocean and Monmouth school districts Asbury Park Press Texans urged to prepare for disasters with tax-free emergency supplies, April 26-28 Community Impact | News Missouri is sleepwalking into a half-billion dollar tax cut for the rich Missouri Independent Bill to eliminate âburdensome, annoying, stupidâ car tax clears committee Connecticut Inside Investigator Lake Zurich among the latest communities to approve local grocery tax to replace expiring state measure Daily Herald Kansas Legislature was a train wreck on property taxes The Leavenworth Times NC Republicans have a plan to cut taxes. Hereâs what else they want to cut | Opinion Charlotte Observer Where's my refund? IRS refund schedule 2025: Here's how to track your tax refund status Bergen Record Ohioans pay the Squirrel Tax! Warren County Post Montgomery Area School board eyes tax hike in preliminary budget, names new superintendent sungazette.com Weston trustee resigns over tax deal, transparency concerns Wausau Pilot & Review Plainfield scraps 36% school tax hike but 'cuts will be inevitable', says BOE president Central New Jersey News Buckle up, Washington: House gears up to supercharge gas tax bill with higher fees, ferry hikes MyNorthwest.com California Could Give Tax Credit to Businesses for Cleaning Up After Homeless - CPA Practice Advisor California Could Give Tax Credit to Businesses for Cleaning Up After Homeless CPA Practice Advisor Nebraska Senators, Farm Bureau push for tax cuts to be made permanent Brownfield Ag News Glass Comes Out Against Property Tax Hike Montgomery Perspective Nowâs the Time to Adjust Tax Withholdings on Your Paycheck, IRS Urges CPA Practice Advisor The GOP Considers the Unthinkable: Tax Hikes The Dispatch Get schooled on property taxes with Chatham County Tax Commissioner University sessions Savannah Morning News Texas Senate bill would nearly double property tax exemption for seniors, people with disabilities Community Impact | News Democrats in Washington Legislature reveal sweeping new tax plan Washington State Standard Carol Stream adopts grocery tax Daily Herald Washington's property tax cap is holding the state back Big Country News Taxpayer Assistance Program (TAP) Department of Taxation and Finance (.gov) Mugshots, property taxes and housing Early County News Hearing both sides of the gas tax debate KIRO 7 News Seattle Mass. Sen. Warren, 175 Congressional Dems call on Trump not to shutter free tax-filing service MassLive The IRS free tax-filing program Direct File saved users $160 each. Now it may come to an end. CBS News Editorâs note: death and taxes Chicago Reader Voters in Richland County will consider several taxes and issues this primary election Mansfield News Journal Airport authority files suit against Highfill over sales tax distribution Northwest Arkansas Democrat-Gazette Climate advocates brace for Trump executive order targeting nonprofitsâ tax exempt status Utility Dive |
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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: 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. 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