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Tax Information
More Articles from Tax Information: Mamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passed The New York Times Washington state Senate approves tax on personal income over $1M Washington State Standard State Sales Taxes Keep Rising. Why? City Journal How would the California ‘billionaire tax’ really work? We break it down San Francisco Chronicle Opinion | Everyone is leaving Massachusetts — thanks to higher taxes The Washington Post ‘Millionaires tax’ clears first hurdle The Seattle Times Palantir Pays Zero Federal Income Tax Despite Explosive Growth, Largely Due to Trump Tax Law Institute on Taxation and Economic Policy Mamdani to Hochul: Raise taxes or else… City & State New York Mamdani Threatens Blanket Property Tax Hike as ‘Last Resort’ THE CITY - NYC News Mamdani Warns of Nearly 10% Property-Tax Boost if No Tax on Wealthy The Wall Street Journal Manger Files Homestead Exemption Bill to Deliver Property Tax Relief Oklahoma House of Representatives (.gov) Mamdani threatens 9.5% property tax increase to fill NYC budget gap if Albany won't tax rich NBC New York Kansas House panel passes bill allowing local taxpayers to sink property tax hikes above 3% Kansas Reflector States with the highest property taxes in 2026 LiveNOW from FOX Michigan Ballot Proposal Would Boost Public Education While Creating a Fairer Tax System Institute on Taxation and Economic Policy City sales taxes, legislative races on ballots in Crawford and Sebastian counties Talk Business & Politics Joshua Meyer Testimony in South Dakota: Ensuring Truth In Taxation American Legislative Exchange Council House panel advances bill to eliminate school property taxes on owner-occupied homes KOTA Territory News Millionaires Tax passes the Senate Washington Senate Democrats (.gov) NJ Individual State Income Tax Rate Remains 4th Highest in Nation for 2026 New Jersey Business & Industry Association Mamdani Gets an Important Tax Fact Wrong Empire Center for Public Policy House approves Adam Botana proposal to eliminate most local business taxes across Florida Florida Politics Feb 17, 2026: Why property taxes are up, ‘Dude Talk’ dinners, remembering a sidewalk flutist who loved Denver Colorado Public Radio Mayor Zohran Mamdani presents preliminary budget for NYC a day after Gov. Kathy Hochul promised more funds ABC7 New York IRS Income Tax Refund Schedule for 2026 – Tax Refund Date Estimator CPA Practice Advisor Democrats aim to roll back business tax breaks to fund new per-child benefit for lower-income Colorado families The Colorado Sun Zohran Mamdani unveils record $127B budget — fueled by proposed NYC property tax hike New York Post Do tax codes hold the key to income inequality and wealth trends? The World Economic Forum Top NC court tackles Currituck’s use of occupancy tax money Carolina Journal Where is my 2026 tax refund? The Coloradoan House passes bill removing tax exemptions for Confederate-linked organizations in Virginia 13newsnow.com Federal Tax on Social Security Benefits Mass Retirees JOINT RELEASE: Colorado Democrats to Create Tax Code that Puts Hardworking Coloradans First Colorado Senate Democrats Washington senators say ‘millionaire’s tax’ would damper farmers’ good years - Capital Press Kansas House panel passes bill allowing local taxpayers to sink property tax hikes above 3% News From The States Why Is Mamdani Threatening a Property-Tax Hike? New York Magazine Your tax refund will be delayed with these tax credits FOX 29 Philadelphia Democrats want to decouple Colorado from federal tax breaks Colorado Politics Nebraska tax incentive audit uncovers $1.2 billion in lost revenue KOLN | Nebraska Local News, Weather, Sports | Lincoln, NE Feenstra Highlights Property Taxes & Affordability Concerns During Gubernatorial Campaign Sioux County Radio Arizona law excludes disabled veterans from property taxes The Center Square Make a math mistake on your taxes? For the first time, the IRS will have to tell you where it is wfmynews2.com Some Vallejoans, Californians could get bigger income tax refunds this year Times Herald Online Tips and Taxes | Tax Tip Tuesday – Sponsored Content MyWabashValley.com Johnson City property taxes due Feb. 28 Johnson City Press Mamdani unveils property tax increase he doesn't want, daring Hochul to offer alternative Crain's New York Business Mamdani threatens 'last resort' property tax hike on middle class if state won't play ball on wealth tax Business Insider Your Effective Tax Rate Might Be Lower This Year. We Show You Why. The Wall Street Journal Mamdani weighs NYC property tax hike to plug budget gaps The Center Square The smart way to use AI to do your taxes MarketWatch |
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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. 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. 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If you can't imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses. Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane Deducting Your Auto Expenses
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