Portugal Tax Authorities Clarify That Buying Or Selling Cryptocurrency Is Tax-Free Forbes
The United States may be taking a hard line on cryptocurrency, but not all countries are seeking to collect from the virtual currency boom. Portugal has clarified ...
Seniors will soon have their own IRS tax form CBS News
New Form 1040-SR should allow seniors to file income taxes without benefit of an accountant -- or a magnifying glass.
Trump sues to stop New York prosecutors from getting his taxes POLITICO
The lawsuit is a response to a subpoena the New York District Attorney filed last month seeking eight years of Trump's personal and corporate tax returns.
India slashes business taxes in a bid to boost growth CNN
India is slashing taxes on companies and manufacturers to try and revive its struggling economy.
This triple tax-advantaged account might beat your 401(k) plan CNBC
There's a savings account with a potential advantage over your 401(k) plan ‚ÄĒ and it just might help you save on taxes. It's your health savings account, and it's ...
Progressive tax-the-rich push gains momentum | TheHill The Hill
The progressive push to raise taxes on the rich is gaining new momentum.
Apple Can‚Äôt Win Its $14 Billion European Tax Battle The Wall Street Journal
Apple 's ‚ā¨13 billion ($14.4 billion) tax fight with Europe is grinding through the courts. It could end up generating unwelcome headlines‚ÄĒfor Apple and Brussels ...
How Should We Tax the Rich? Forbes
Assume, for the sake of argument, that you believe the wealthiest Americans are undertaxed. And you are desperately seeking new revenue to pay for your ...
Soon seniors will have their own IRS tax form CBS News msnNOW
Filing an IRS tax return is likely to be simpler next year for at least 10% of the 150 million Americans who do so. That's because there'll be a new 1040 form ...
Bill Gates 'wouldn't be against a wealth tax' ‚ÄĒ here's how it could affect his fortune CNBC
Despite being the world's second richest man, Bill Gates has been a frequent supporter of higher taxes on America's most wealthy. Democratic presidential ...
Progressive Chicago aldermen propose head tax, taxing nonprofits to help city budget gap - Crain's Chicago Business
Progressive Chicago aldermen propose head tax, taxing nonprofits to help city budget gap Crain's Chicago Business
Some aldermen also want to boost the hotel tax and require wealthy nonprofit institutions that receive tax exemptions to make payments to the city. Here's what's ...
The New Tax Math for People Living in High-Tax States The Wall Street Journal
More snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt. The Tax Cuts and Jobs Act of ...
First Time Paying Taxes? Buckle Up The Wall Street Journal
The tax code is always complicated, but it helps to know the basics. Here are answers to 10 questions to help you get there.
Apple Says It Would Rather Not Pay $14.3 Billion in Back Taxes to the EU Gizmodo
The European Union has ordered Apple to pay roughly $14.3 billion (13 billion euros) to cover back taxes the EU says is owed to Ireland. But Apple is putting up ...
My family left Chicago because of high property taxes Chicago Sun-Times
The recent Sun-Times editorial about a ‚Äúfair tax‚ÄĚ on high retirement income caught my attention. At the end, it stated that when older people do move, it's seldom ...
How Do You Tax a Baby Boomer? The Wall Street Journal
A smaller labor force will force the taxman to turn to consumption and wealth to fund old-age benefits.
2020 taxes, your TSP, mortgage and health premiums Federal News Network
While some people are already working on their 2020 taxes there are probably many more still trying to figure out what they did right, or wrong, because of the ...
Move To Puerto Rico, Slash Your Taxes To Zero? Not Exactly Forbes
If you move with appreciated stock, bitcoin or other property, and then sell, all the pre-move appreciation is still subject to U.S. tax. To escape tax, you must wait a ...
How Democrats can raise taxes without technically raising taxes The Week
Earlier this month, the Trump administration scuttled an ill-fated proposal to index capital gains taxes to inflation. Income tax brackets have been indexed to ...
8 Years of Trump Tax Returns Are Subpoenaed by Manhattan D.A. The New York Times
State prosecutors in Manhattan have subpoenaed President Trump's accounting firm to demand eight years of his personal and corporate tax returns, according ...
TurboTax Glitch Led To $216 Million Tax Bill For Thrift Store Worker Forbes
Smith, a part-time worker at a local thrift store, got quite the surprise when she opened a tax bill from the Colorado Department of Revenue to find that she owed ...
READ: New Trump lawsuit to block release of tax records CNN
President Donald Trump is suing his long-time accounting firm Mazars USA and New York district attorney Cyrus Vance to attempt to stop his accounting records ...
Trump rules out for now cutting capital-gains taxes CNBC
The White House is expected to discuss indexing capital gains to inflation, a tax proposal that Trump appeared to back away from.
Google will pay over $1 billion after French investigation over dodged taxes The Verge
Google has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.
N.J. releases tens of millions in tax breaks for 31 companies, as controversy continues NJ.com
More than half a billion dollars in tax breaks put on hold by the beleaguered New Jersey Economic Development Authority earlier this year amid mounting ...
Nancy Pelosi unveils 95% tax proposal on prescription medicines Washington Examiner
Speaker Nancy Pelosi on Thursday released a much-anticipated plan detailing House Democrats' ideas to change the way people get prescription drugs. At the ...
4 Important Tax Items Every Retiree Should Know About Yahoo Finance
Once you retire, it's helpful to keep several tax opportunities and tax consequences in mind.
Treasury Tries To Clean Up Major Flub In Trump Tax Returns Case TPM
The Trump administration on Wednesday admitted to a federal court that it needed to correct a major problem in court papers that it filed as part of a bid to‚Ä¶
St. Clair County home values down 23%, property taxes up 5% since recession Illinois Policy
Without true pension reform, St. Clair County homeowners will only continue to see the gap between their property taxes and home values grow.
Trump Can‚Äôt Sue New York Over Tax-Return Law in D.C., State Says Bloomberg
If the president wants to challenge a New York state law, let him do it on New York's turf.
‚ÄúCapital gains indexation,‚ÄĚ Trump‚Äôs latest tax cut plan, explained Vox.com
Indexing capital gains to inflation, per a proposal from Ted Cruz and Grover Norquist, would overwhelmingly benefit the top 1 percent.
College student tried to hack into Trump‚Äôs taxes by creating a fake FAFSA application The Verge
Two college students are facing federal prison time for attempting to hack into President Trump's tax returns, as reported by CyberScoop. Andrew Harris, 24, and ...
Mayor Durkan proposes 51-cent tax on Uber, Lyft rides in Seattle to fund streetcar, affordable housing - Seattle Times
Mayor Durkan proposes 51-cent tax on Uber, Lyft rides in Seattle to fund streetcar, affordable housing Seattle Times
Seattle would charge a new 51-cent tax on each Uber and Lyft ride in the city, and use some of that money to finish the downtown streetcar, under a proposal ...
Warren wants to 'spread the love' of housing tax breaks around Rochester - Rochester Democrat and Chronicle
Warren wants to 'spread the love' of housing tax breaks around Rochester Rochester Democrat and Chronicle
Mayor Lovely Warren wants to extend a program that has seen limited use citywide. But that move is receiving criticism and interest has been limited in ...
Owner of Hamden deli Ray & Mike‚Äôs sentenced to prison for tax evasion New Haven Register
HAMDEN ‚ÄĒ The owner of Ray & Mike's deli was sentenced to nine months in prison Tuesday after pleading guilty to one count of tax evasion, according to the ...
Seattle mayor wants to impose per-ride tax on Uber, Lyft KOMO News
SEATTLE (AP) ‚ÄĒ Seattle would charge a new 51-cent tax on each Uber and Lyft ride in the city, and use some of that money to finish the downtown streetcar, ...
House Democrats call for stripping tax-exempt status from 60 'hate groups' Washington Examiner
House Democrats on the Ways and Means Committee said on Thursday that over 60 alleged hate groups, mostly socially conservative organizations, ...
GOP lawmakers add $400M more to fix state roads, ignoring Whitmer's gas tax hike - Detroit Free Press
GOP lawmakers add $400M more to fix state roads, ignoring Whitmer's gas tax hike Detroit Free Press
GOP lawmakers approved budgets in committee Thursday that cover the contentious issue of fixing Michigan's roads, but ignored Whitmer's gas tax hike.
Trump again dangles a promise of tax cuts CNN
Washington (CNN) President Donald Trump is reviving last year's promise to slash taxes for America's middle class as he seeks to bolster his reelection bid ...
The Growing Debate Over Elizabeth Warren‚Äôs Wealth Tax The New Yorker
John Cassidy writes about Elizabeth Warren's plan for a wealth tax and its potential impact on rising inequality, according to the economists Emmanuel Saez ...
A corporate income tax in Wyoming? Legislation that would enact it is moving forward. - Casper Star-Tribune Online
A corporate income tax in Wyoming? Legislation that would enact it is moving forward. Casper Star-Tribune Online
PINEDALE ‚Äď Preparing to vote on legislation that would enact a corporate income tax in Wyoming, the Joint Committee on Revenue on Thursday found itself ...
Orleans not included in solar tax deal negotiations NNY360
WATERTOWN ‚ÄĒ The town of Orleans has been left out of negotiations for a possible tax deal with a solar developer that plans to build most of the facility in.
Luxury tax bill could surpass $13M for Red Sox ESPN
The Boston Red Sox are on track to pay a $13.05 million luxury tax for a season in which they are likely to miss the playoffs.
India Stocks Poised for Biggest Jump in a Decade on Tax Cuts Bloomberg
Indian stocks surged with the rupee while bonds slumped after the government unexpectedly slashed the corporate tax rate to boost economic growth.
Biden vows tax credit will put '720 million women' back in workforce Fox News
Former Vice President Joe Biden made another gaffe on Tuesday, this time suggesting that his child tax credit plan will put "720 million women" back into the ...
Fort Collins rejects property tax funding for 442-home Northfield development The Coloradoan
Fort Collins City Council narrowly rejected a metropolitan district for the Northfield development, forging an uncertain future for the proposed 442-unit subdivision ...
Koch-Backed Republicans Want to Tax Your Electric Car Sludge
Libertarian billionaire Charles Koch has spent his entire adult life proclaiming the virtues of individual liberty and personal property rights. But when Americans ...
Trump just raised your taxes Yahoo Finance
With far less fanfare than the tax cuts President Donald Trump signed into law in 2017, a series of tax hikes went into effect on September 1 on thousands of ...
The world's richest could lose hundreds of billions under Warren's wealth tax Los Angeles Times
Billionaires such as Jeff Bezos, Bill Gates and Warren Buffett could have collectively lost hundreds of billions of dollars in net worth over decades if Elizabeth ...
Abe Rival Says Japan Sales Tax Hike Is ‚ÄėCrazy,‚Äô Wants It Abolished Bloomberg
Just as Japan braces itself for a hike in the sales tax to 10% on Oct. 1, one of Prime Minister Shinzo Abe's would-be rivals is calling for it to be abolished ...
The Latest: Trump gets victory on California tax return law The Associated Press
SACRAMENTO, Calif. (AP) ‚ÄĒ The Latest on a court hearing over California's law aimed at forcing President Donald Trump to release his tax returns (all times ...
5 Tax Tips for 2019 -- and Beyond Motley Fool
Here's how to make your life easier from a financial perspective.
Judge rules woman can keep property set to be sold at tax auction WWNY
More than 200 properties in St. Lawrence County were sold at a tax auction over the weekend. However, a day before the auction, a judge said tax delinquent ...
Plastic bag taxes or bans have been passed in 400 cities and states. But did it reduce waste? - Vox.com
Plastic bag taxes or bans have been passed in 400 cities and states. But did it reduce waste? Vox.com
Looking at the nation's most intriguing experiments in local policy. The policy: Plastic bag bans and taxes. Where: In more than 400 states and cities in the US.
Trump‚Äôs fake tax cuts are back Vox.com
The president made up a new round of middle-class tax cuts ahead of the 2018 midterms. Now he's at it again.
Taxing wealth at lower rate than income is wrong, says thinktank The Guardian
The government could gain ¬£90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
Pensions compensation payouts could trigger six-figure tax bills Financial Times
Regulatory headache for those with final-salary pensions who took out fixed protection.
Arizona Cities and Towns Ranked for Taxes Kiplinger's Personal Finance
Arizona's population growth is partly due to its low state tax burden. However, you can still get burned by local property and sales taxes in the state.
Trump may have committed tax fraud by fabricating a loan to avoid paying income taxes on nearly $50 million - Business Insider
Trump may have committed tax fraud by fabricating a loan to avoid paying income taxes on nearly $50 million Business Insider
"If he didn't actually buy the loan, this is just garden-variety fraud," a commercial-real-estate-finance expert told Mother Jones.
Democrats' Emerging Tax Idea: Look Beyond Income, Target Wealth The Wall Street Journal
Lawmakers and 2020 candidates offer a range of options focused on capturing some of the trillions of dollars in assets belonging to the nation's richest. Among ...
Progressive wealth taxation Brookings Institution
Emmanuel Saez and Gabriel Zucman discuss the empirical evidence on progressive wealth taxation, the elements needed to make a US wealth tax work, and ...
Carl Icahn Is Heading to Florida for Lower Tax Rates Yahoo Finance
(Bloomberg) -- Billionaire Carl Icahn is planning to move his home and business to Florida to avoid New York's higher taxes, according to people familiar with ...
‚ÄúRobot Tax‚ÄĚ Is Bill De Blasio's Scrambled Vision Of Innovation And Labor. City Journal
New York's mayor has a plan to address the displacement of workers through automation: Bill de Blasio wants the federal government to enact a ‚Äúrobot tax.
The Great Tax Break Heist The New York Times
Tax scams are the tribute policy vice pays to policy virtue. A few days ago The Times reported on widespread abuse of a provision in the 2017 Trump tax cut that ...
Chicago budget gap: Lightfoot calls for tax on luxury real estate sales Curbed Chicago
To close the $838 million budget gap, Lightfoot's administration is committed to a graduated real estate transfer tax.
Elizabeth Warren Proposes Boosting Social Security by Hiking Taxes on the Rich Bloomberg
Elizabeth Warren released a plan Thursday to expand Social Security benefits by $200 per month with a payroll tax increase on incomes above $250000, her ...
How Tax Policy Gave Us White Claw New York Magazine
Vodka soda is the chicken breast of alcoholic beverages. Why did it take so long to make something like it available in a can?
The Case for a Goldilocks Carbon Tax Forbes
Earlier this week a group called the Climate Leadership Council unveiled a proposal for an economy-wide carbon fee. Proposals for carbon pricing are not new.
Deutsche Bank has tax returns but doesn't say publicly if they are Trump's CNN
Washington (CNN) Deutsche Bank wouldn't say publicly on Tuesday whether it has President Donald Trump's tax returns. Yet the bank acknowledges the US ...
White House to roll out tax cut plan mid-2020: Kudlow Reuters
BALTIMORE (Reuters) - The Trump administration plans to unveil a tax cut plan in mid-2020, a top White House adviser said on Friday, saying it would be ...
BBC presenters told to pay tens of thousands in back taxes as judge rules against them - The Telegraph
BBC presenters told to pay tens of thousands in back taxes as judge rules against them The Telegraph
Three BBC news presenters have been told to pay hundreds of thousands of pounds in back taxes, despite the High Court finding that the corporation forced ...
Trump Says He‚Äôs Completely Immune from ‚Äėthe Criminal Process‚Äô in Lawsuit to Keep Tax Returns Secret - Law & Crime
Trump Says He‚Äôs Completely Immune from ‚Äėthe Criminal Process‚Äô in Lawsuit to Keep Tax Returns Secret Law & Crime
Attorneys for President Donald Trump filed a lawsuit against Manhattan District Attorney Cyrus Vance in the Southern District of New York (SDNY) on Thursday ...
Why California's Cannabis Market May Not Tell You Much about Legalization in Your State - Just Taxes Blog
Why California's Cannabis Market May Not Tell You Much about Legalization in Your State Just Taxes Blog
New tax data out of California, the world's largest market for legal cannabis, tell a complicated story about the cannabis industry and its tax revenue potential.
Hong Kong government ‚Äėignoring Legco‚Äô on vacancy tax South China Morning Post
The man representing Hong Kong housing developers in the city's legislature has blasted the government for pressing ahead with a vacancy tax, saying it was ...
Gov. Lamont pushing for revised guidelines for ‚ÄėMeals Tax‚Äô hike WTNH.com
After a full week of blow-back on guidelines from the tax department that included expanding the boosted 'prepared meals tax' to dozens of items in the ...
Judge rejects House Democrats' request to fast-track Trump tax return case CNN
Washington (CNN) A federal judge on Thursday denied an attempt by House Democrats to fast-track its attempt to force the Treasury Department and IRS to ...
It‚Äôs Not Just Uber, California Bill Could Transform Tricky Tax And Legal Rules On Independent Contractors - Forbes
It‚Äôs Not Just Uber, California Bill Could Transform Tricky Tax And Legal Rules On Independent Contractors Forbes
The vast gig economy may be about to change, and not just in California. California is often a leader in laws regulating employment, often followed quickly by ...
Climate Town Hall: Several Democratic Candidates Embrace a Carbon Tax The New York Times
At a CNN forum on climate change, the first such prime-time event in a presidential campaign, candidates vowed to take aggressive action to combat global ...
Trump's banks won't tell court if they have his tax returns CNN
Lawyers for Deutsche Bank and Capital One repeatedly refused Friday to tell an appellate court in New York whether the banks are in possession of President ...
Peabody School Committeeman and council candidate Jarrod Hochman faces $50k tax lien - Itemlive - Daily Item
Peabody School Committeeman and council candidate Jarrod Hochman faces $50k tax lien - Itemlive Daily Item
PEABODY ‚ÄĒ School Committee member Jarrod Hochman, a candidate for city councilor-at-large, owes more than $50,000 to the Internal Revenue *Service* , ...
Richest Could Lose Hundreds of Billions Under Warren's Wealth Tax Bloomberg
Billionaires such as Jeff Bezos, Bill Gates and Warren Buffett could have collectively lost hundreds of billions of dollars in net worth over decades if presidential ...
‚ÄčCorporate tax cut for domestic and new domestic manufacturing companies: FM Sitharaman announces - Economic Times
‚ÄčCorporate tax cut for domestic and new domestic manufacturing companies: FM Sitharaman announces Economic Times
The government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent ...
GST Council to opt for just minor tax tweaks Livemint
GOA : India's federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall ...
The interesting history of capital gains tax in Canada ‚ÄĒ and its significant impact on real estate - Financial Post
The interesting history of capital gains tax in Canada ‚ÄĒ and its significant impact on real estate Financial Post
Haider-Moranis Bulletin: Recent campaign controversy suggests inclusion of the principal residence in capital gains remains a hot button topic.
Exclusive: Bold move, will help economy, RBI Governor Shaktikanta Das reacts on corporate tax rate cuts - India Today
Exclusive: Bold move, will help economy, RBI Governor Shaktikanta Das reacts on corporate tax rate cuts India Today
Reserve Bank of India Governor Shaktikanta Das praised the government for its "bold" move to slash corporate tax rates in a bid to boost the ailing Indian ...
Why Booker shortlist is more taxing for some readers BBC News
If you want to plough through the Booker Prize shortlist before the winner is announced on 14 October, the pile of books in hardback will cost you just under ¬£90.
The Rise of Phantom FDI in Global Tax Havens ‚Äď IMF F&D International Monetary Fund
Empty corporate shells in tax havens undermine tax collection in advanced, emerging market and developing economies.
When will NY mail your STAR property tax check? Look it up syracuse.com
NYS has already mailed more than 300000 checks.
Why American Workers Need to Be Protected From Automation WIRED
Opinion: As President, I would issue a robot tax for corporations displacing humans, and create a federal agency to oversee automation.
France Won't Tax Crypto-to-Crypto Trades, But Will Hit Gains Cashed Out Bloomberg Tax
France will tax cryptocurrency gains when they're converted into ‚Äútraditional‚ÄĚ currency, but crypto-to-crypto transactions remain tax exempt, French economy ...
Portugal Tax Authority: Bitcoin Trading and Payments Are Tax-Free Cointelegraph
The Portuguese Tax and Customs Authority clarified that there is no income tax on Bitcoin and cryptocurrency in the country.
Reduction in corporate tax rate welcome, doubtful whether investment will revive: Jairam Ramesh - Times of India
Reduction in corporate tax rate welcome, doubtful whether investment will revive: Jairam Ramesh Times of India
NEW DELHI: Congress leader Jairam Ramesh on Friday welcomed the reduction in corporate tax rate but expressed doubts on whether the step will revive ...
Stiglitz: Ireland not a good EU citizen over tax rates Irish Examiner
Ireland's tax policies have come in for stinging criticism at the hands of Nobel-prize winning economist Joseph Stiglitz. Speaking at a press conference in Paris ...
Trump's latest idea could put Social Security in a serious bind: analysis USA TODAY
How President Trump's idea of a potential payroll tax cut could affect your Social Security.
Budget Deficit on Path to Surpass $1 Trillion Under Trump The New York Times
WASHINGTON ‚ÄĒ The federal budget deficit is growing faster than expected as President Trump's spending and tax cut policies force the United States to borrow ...
Corporate tax rate cut: Diwali bonanza to corporates BusinessLine
BL Research BureauWhile tax rates cuts have been announced every year since 2016 Budget, due to increase in surcharge on corporate tax and increase in ...
Bond yield surges as government announces cut in corporate tax rate Livemint
At 11.31 am, 10-year bond yield rose 15 basis points to 6.79%.India will cut corporate tax rate for domestic businesses to 25.17%
Macron defuses French digital tax row, Trump coy on wine threat Reuters
BIARRITZ, France (Reuters) - France and the United States reached a deal to end a standoff over a French tax on big internet companies, though U.S. President ...
13 Investigates 13 Investigates: Shakeup at Department of Taxation Joe Bartels 10:57 PM, Sep 13 - KTNV Las Vegas
13 Investigates 13 Investigates: Shakeup at Department of Taxation Joe Bartels 10:57 PM, Sep 13 KTNV Las Vegas
There's been a shakeup at the Department of Taxation after a minor was allowed to purchase marijuana at a legal dispensary.
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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