3 tax-planning lessons from Joe Biden's tax returns CNBC
If you suddenly missed on a big tax deduction back in 2018, you're not alone. The former vice president was unable to deduct the full value of his state and local ...
No More Deals: San Francisco Considers Raising Taxes on Tech WIRED
In 2011, San Francisco cut taxes to lure tech firms. Eight years later, gaping income inequality has city officials looking for ways to get tech to pay its share.
The New Biden Tax The Wall Street Journal
For a candidate who was supposed to be the voice of moderation in the race for the Democratic presidential nomination, Joe Biden spends a lot of time ...
Thousands likely overpaid property taxes due to computer glitch New York Post
Actor Bruce Willis is among the thousands of Big Apple residents who may have overpaid their property taxes due to a new $18 million Department of Finance ...
Trump‚Äôs Tax Law Threatened TurboTax‚Äôs Profits. So the Company Started Charging the Disabled, the Unemployed and Students. - ProPublica
Trump‚Äôs Tax Law Threatened TurboTax‚Äôs Profits. So the Company Started Charging the Disabled, the Unemployed and Students. ProPublica
ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up for ProPublica's Big Story newsletter to receive stories like this one in your inbox ...
JCPS wants to build new schools. But it may need more tax dollars, Marty Pollio says - Courier Journal
JCPS wants to build new schools. But it may need more tax dollars, Marty Pollio says Courier Journal
Faced with over $1 billion in facility needs, Jefferson County Public Schools is considering new ways to raise tax dollars. The JCPS board on Tuesday signed off ...
Beware. Other Nations Will Follow France With Their Own Digital Tax. The New York Times
Last Thursday, the French Senate passed a digital services tax, which would impose an entirely new tax on large multinationals that provide digital services to ...
Businesses owe Shelby County millions in delinquent property taxes, records show - WREG NewsChannel 3
Businesses owe Shelby County millions in delinquent property taxes, records show WREG NewsChannel 3
As of May 15, the top 60 delinquent taxpayers owed about $10 million in taxes due on dozens of properties including new hotels, restaurants, overgrown lots, ...
AC Hotel project to pay $200K in Missoula property taxes, up from $15K Missoula Current
After winning final approval from the Missoula City Council on Monday night, a Montana developer set to break ground on a new downtown hotel detailed the ...
Group halts effort to refer $1B in new Oregon taxes for schools to voters KTVL
SALEM, Ore. (AP) ‚ÄĒ An Oregon business group says it will no longer try to overturn an education tax package meant to provide a $1 billion funding increase to ...
Analyst: Seattle wants SCOWA to pass income tax because voters won‚Äôt MyNorthwest.com
A decision by the Washington State Court of Appeals could allow the City of Seattle to impose a flat-rate income tax ‚ÄĒ and would open up the door for other ...
Shop these sales tax holidays to save on back-to-school shopping WUSA9.com
Some states allow consumers two days or more of tax-free shopping before school starts. This gives families a chance to save money on clothes, shoes, ...
Lawmakers slash personal income taxes in state budget deal 10TV
COLUMBUS, Ohio (AP) ‚ÄĒ Ohio would cut personal income taxes by 4%, keep a debated business tax break and change how pharmacy benefits are ...
In 1943, the chairman of the NY Fed backed Modern Monetary Theory: "Taxes for Revenue Are Obsolete" - Boing Boing
In 1943, the chairman of the NY Fed backed Modern Monetary Theory: "Taxes for Revenue Are Obsolete" Boing Boing
Modern Monetary Theory is the latest incarnation of chartalism, the economic theory that holds that government spending -- and a federal jobs guarantee ...
Property taxes to increase 2% for most homeowners this year OCRegister
Most real estate owners in Orange County will see a 2% increase in their property tax bills due next December and April, the third straight year that assessments ...
This work perk can help you build wealth ‚ÄĒ or load you up with taxes and risk CNBC
Company stock rewards workers with a share of ownership. Just make sure you aren't setting-and-forgetting this work perk. Failure to manage it properly could ...
Silicon Valley tax trick helps investors save big Fox Business
A provision in the tax code can help investors and tech workers lower capital gains obligations.
Upstate city considers raising property taxes to pay for police, firefighter raises - WYFF4 Greenville
Upstate city considers raising property taxes to pay for police, firefighter raises WYFF4 Greenville
One Upstate city is considering raising taxes to give police and firefighters pay raises. The suggestion has people living and working in Travelers Rest split.
France Approves Tax On Big Tech, And U.S. Threatens To Retaliate NPR
French lawmakers have approved a tax on digital companies that will affect U.S. tech behemoths known in France as "Les GAFA" ‚ÄĒ Google, Amazon, Facebook ...
As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal The New York Times
The proposed levies on firms like Facebook and Google are pitting traditional allies against one another and threatening to set off a cascade of tax increases ...
Property taxes in Horry County are increasing as home reassessments take place wpde.com
Many people in Horry County recently received a notice from the Horry County Assessor's Office regarding an increase in property taxes. One of the main things ...
Canadian Town Says Yes to Accepting Bitcoin for Property Taxes Cointelegraph
Canadian crypto solutions provider Coinberry has struck its second municipal partnership to provide bitcoin payments processing for property taxes.
How a Tax Loophole Is Helping Silicon Valley Workers Save Millions The New York Times
A little-known tax break allows some start-up employees who own company stock to avoid paying taxes on up to $10 million when they sell their shares.
What the IRS doesn‚Äôt tell you about self-employment taxes MarketWatch
Many taxpayers get confused about whether they owe the 15.3% self-employment tax.
Op-Ed: How the U.S. tax code keeps the illegal market for marijuana alive and well - Los Angeles Times
Op-Ed: How the U.S. tax code keeps the illegal market for marijuana alive and well Los Angeles Times
Cannabis businesses are not allowed to take tax deductions for normal business expenses like employee salaries, rent and utility bills.
22 States Considered Eliminating the ‚ÄėTampon Tax‚Äô This Year. Here‚Äôs What Happened. - The New York Times
22 States Considered Eliminating the ‚ÄėTampon Tax‚Äô This Year. Here‚Äôs What Happened. The New York Times
Menstrual products are subject to sales taxes in 35 states, and lawmakers' efforts to exempt them have foundered. Now supporters of 'menstrual equity' are ...
Corporate tax cuts blocked at least 15,000 affordable homes in California. Here‚Äôs how - Sacramento Bee
Corporate tax cuts blocked at least 15,000 affordable homes in California. Here‚Äôs how Sacramento Bee
Affordable housing advocates warned that the corporate tax cuts passed by Republicans in 2017 could have disastrous effects on the development of more ...
If Your Compensation Package Includes Stock, You Should Know About This Tax Rule Lifehacker
If you work for a small business or startup and receive shares of stock as part of your employee compensation, ask your accountant about the qualified small ...
Manufacturers abandon effort to repeal new $1 billion Oregon business tax OregonLive
The news means the tax on Oregon sales will almost assuredly go into effect in January, providing a considerable boost in Oregon education spending.
Solution: Alternative revenue sources could bolster city budget, lower tax rate The CT Mirror
A Bertucci's restaurant in Massachusetts, a state that allows its cities and towns to levy an 0.75 percent local meals tax. The policy is generating over $100 ...
Senate ratifies long-stalled tax treaty | TheHill The Hill
The Senate on Tuesday ratified a protocol updating a tax treaty between the U.S. and Spain ‚ÄĒ the first of four agreements that are slated to get a vote this week ...
'This has got to be wrong': Disabled veteran's home sold at auction over $236 tax bill USA TODAY
Jim Boerner thought he had done everything right. Now, the home's new owner says he won't negotiate and will begin the eviction process.
Taxing Yachts ‚ÄĘ Digital Taxes ‚ÄĘ Valuations Bloomberg Tax
This week's Bloomberg Tax Insights recap looks at the status of the OECD's project to write multilateral rules on taxing the digital economy; the impact of the ...
State Court of Appeals rules Seattle‚Äôs wealth tax is unconstitutional, but gives cities new leeway - The Seattle Times
State Court of Appeals rules Seattle‚Äôs wealth tax is unconstitutional, but gives cities new leeway The Seattle Times
Seattle now intends to again ask the Supreme Court to review the case, said a spokesman for Seattle City Attorney Pete Holmes. The city will try to persuade the ...
Taxes fuel frustrations for residents Warwick Beacon
By ETHAN HARTLEY Property tax bills for the first quarter of FY2020 were technically due yesterday. However, considering how some residents in Warwick only ...
How much would a wealth tax really raise? Dueling economists reflect new split in Democratic Party - CNBC
How much would a wealth tax really raise? Dueling economists reflect new split in Democratic Party CNBC
The wealth tax proposed by Sen. Elizabeth Warren has sparked a fierce ‚ÄĒ and increasingly personal ‚ÄĒ debate between the party's traditional academic elite ...
Florida schools deducted payroll taxes from state-awarded teacher bonuses Orlando Weekly
Lawyers representing teachers are accusing the Florida Department of Education of improperly allowing school districts to deduct employer taxes from teacher ...
Cryptocurrencies, digital tax top agenda for G-7 meeting ABC News
Finance officials from the Group of Seven rich democracies will weigh risks from new digital currencies and debate how to tax tech companies like Google and ...
Council rejects Lafayette Parish industrial tax exemption request The Advocate
A Duson business was denied an industrial tax exemption Tuesday by the Lafayette City-Parish Council.
What If Charity Replaced Taxation? Foundation for Economic Education
Data show that rich countries that adhere to a welfare state model are not the most generous ones. When we check the Charities Aid Foundation World Giving ...
Two Local Businesses Behind on Taxes KAAL
According to the Minnesota Department of Revenue, more than 60 businesses have been added to the tax delinquincy list for businesses that serve liquor, wine ...
Facebook answers how Libra taxes & anti-fraud will work TechCrunch
Facebook provided TechCrunch with new information on how its cryptocurrency will stay legal amidst allegations from President Trump that Libra could facilitate ...
America needs to see Amazon‚Äôs tax returns The Verge
Tax law keeps us from knowing what Amazon's tax bill really is ‚ÄĒ even as politicians like Joe Biden, Elizabeth Warren and even Donald Trump call out the ...
North Arkansas leaders concerned about impacts of Walmart property tax case in Pulaski Co. KY3
Leaders in a north Arkansas county are concerned about the possible impacts of a Pulaski County court case involving a big-box retailer.
Lindberg Village homes destroyed in fire to receive tax cut wlfi.com
Tippecanoe County Assessors evaluated the damaged homes and provided disaster relief forms to those owners.
Kentucky Skirmish: Mitch McConnell Irks Rand Paul With Push on Tax Treaties - The Wall Street Journal
Kentucky Skirmish: Mitch McConnell Irks Rand Paul With Push on Tax Treaties The Wall Street Journal
In the latest scuffle between Kentucky's two GOP senators, Mitch McConnell has scheduled votes on changes that Rand Paul opposes to four tax treaties, ...
Beware the digital tax trap | TheHill The Hill
The business tax reforms embedded in the Tax Cuts and Jobs Act (TCJA) remain the crown jewel of the Trump administration's economic policy.
Butte County moves forward with increasing wheel tax, mill levy Black Hills Pioneer
BELLE FOURCHE ‚Äď‚Äď With more than $12 million worth of road and bridge work needed within the next five years, the Butte County Commission held a special ...
Cuomo Signs a Bill to Allow Release of Trump‚Äôs State Tax Returns The New York Times
As the battle over President Trump's federal taxes intensifies in Washington, Gov. Andrew M. Cuomo of New York signed a bill on Monday to allow ...
Joe Biden is rich, but his taxes tell us more CNN
Like almost all middle-class Americans, the Bidens paid tax at the "ordinary income" tax rate, writes Edward J. McCaffery. But who does not pay ordinary income ...
Cadillac Tax Would Impact 1 in 5 Employers Who Offer Coverage AJMC.com Managed Markets Network
If the High-Cost Plan Tax, also known as the Cadillac tax, goes into effect in 2022, 21% of employers who offer coverage would be impacted, and that ...
The comeback state of 2019: Kansas economy rebounds from tax-cutting disaster CNBC
Kansas is running a budget surplus this year, and it is a big deal for the state, which saw revenue vanish in a disastrous tax-cutting experiment by former Gov.
This crazy map shows you how complicated the tax code has become ‚ÄĒ and it will make you weep - MarketWatch
This crazy map shows you how complicated the tax code has become ‚ÄĒ and it will make you weep MarketWatch
Got a problem with your taxes? Get ready for a long and winding road. A new ‚Äúroadmap‚ÄĚ charts the labyrinth inside the Internal Revenue *Service* for taxpayers ...
Why taxes are going down in Vicksburg WOODTV.com
Vicksburg leaders held a celebration Monday commemorating the recent decision to cut taxes for residents and businesses.
Explainer: Will India's tax on the rich hit foreign investment inflows? Yahoo Finance
NEW DELHI/MUMBAI (Reuters) - The government's budget proposal earlier this month to increase taxes on those with annual incomes of more than 20 million ...
Amazon's less-than-zero tax rate is unacceptable CNN
Edward McCaffery writes that it's good that Democrats are not turning a blind eye to Amazon's ability to avoid federal taxes. We should insist our politicians fight ...
TARTA committee recommends putting off tax question, fare increase until spring Toledo Blade
A TARTA committee has endorsed placing a sales-tax proposal on the local ballot during Ohio's presidential primary election in March. The committee also ...
Superstar Coco Gauff To Face High, Complicated UK Taxes Forbes
Coco Gauff is Wimbledon's breakout star. She is about to learn the tax complexities of playing all over the world, especially in high-tax nations like the UK.
A Message From the Billionaire‚Äôs Club: Tax Us The New York Times
A group of wealthy Americans, some with inheritances and some with self-made fortunes, are calling for a tax on the net worth of people like them.
Find Out If Your State Is Having a Back-to-School Tax-Free Weekend in 2019 Lifehacker
Gone are the days when parents could swing by the drugstore for a new Trapper Keeper and declare back-to-school shopping done. The lists of required school ...
Joe Biden Used Tax-Code Loophole Obama Tried to Plug The Wall Street Journal
Democratic presidential candidate Joe Biden used a tax loophole that the Obama administration tried and failed to close, substantially lowering his tax bill.
Hernando County residents could see 14% property tax rate increase ABC Action News
Hernando County is nearly broke, and digging out of a $10 million budget hole could mean a 14% property tax rate increase for residents.
Luxury Sales Spike as Buyers Rush to Avoid Higher Mansion Taxes The New York Times
Among the dizzying number of June transactions were a record townhouse sale and Jeff Bezos's three apartment purchases for $80 million.
Schumer makes push to restore LIers' tax deductions Newsday
Senate Minority Leader Chuck Schumer is renewing his push to restore the thousands of dollars in state and local property tax deductions that Long Islanders ...
Tax credit for stay-at-home parents: the new proposal, explained Vox.com
About 11 million parents in the US don't work for a wage. Most of those are stay-at-home moms primarily at home for caregiving reasons, but it's a group that also ...
Myriad ideas exist to solve Hartford‚Äôs property tax dilemma The CT Mirror
Owner John Tornatore's Gordon Bonetti Florist is one casualty of Hartford's unique property tax system, which leans more heavily on businesses than ...
IRS Form 5329: Reporting Taxes on Retirement Plans Yahoo Finance
When filing taxes, it's important to make sure you're reporting all of your income correctly. That includes making note of early distributions from qualified ...
Taxing Inheritances Won‚Äôt Fix Social Security National Review
Senator Chris Van Hollen (D., Md.) has a new proposal to hike the estate tax. Specifically, he'd cut the exemption in half (from $11.4 million per individual this ...
Cubs co-owner Todd Ricketts‚Äô property tax appeal under investigation after Tribune finds assessment problem - Chicago Tribune
Cubs co-owner Todd Ricketts‚Äô property tax appeal under investigation after Tribune finds assessment problem Chicago Tribune
Todd Ricketts, Cubs co-owner and Republican National Committee finance chairman, has reaped tens of thousands of dollars in property tax savings due to an ...
Scott Taylor pays Norfolk property taxes late ‚ÄĒ again Virginian-Pilot
Norfolk property taxes were due June 5, but former one-term congressman Scott Taylor , who announced a bid for U.S. Senate this week, has taken more than a ...
People angry over rising inflation, heavy taxes in PoK India Today
People in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by ...
Narrative-Busting Data: Every Income Group Got a Tax Cut in 2018...Except Millionaires Townhall
As data continues to pour in, the facts are once again affirming what many of us have known for quite some time: The GOP-passed tax reform law, which was ...
House Files Lawsuit Seeking Disclosure of Trump Tax Returns The New York Times
WASHINGTON ‚ÄĒ The House sued the Treasury Department and the Internal Revenue *Service* on Tuesday, demanding access to President Trump's tax returns ...
Taxing services beyond accounting, law and consulting is necessary in Chicago: Cahill - Crain's Chicago Business
Taxing services beyond accounting, law and consulting is necessary in Chicago: Cahill Crain's Chicago Business
If Lori Lightfoot is serious about fixing city finances, she'll press Springfield for approval to tax a wide range of services that currently go untaxed.
Some Families Plan To Leave Chicago After Major Property Tax Increases CBS Chicago
CHICAGO (CBS) ‚ÄĒ Property tax increases in Cook County are going beyond sticker shock. For some families it's life-changing, and they say they will have no ...
Hillsborough County Administrator proposes shifting transportation tax money ABC Action News
What's happening with the transportation tax? That's a question that is consistently asked to our Driving Tampa Bay Forward tip line. Commonly called "All for ...
Donald Trump Throws a Tax Bomb at Emmanuel Macron Bloomberg
The White House is using France's digital tax in an attempt to divide and rule in the EU. It's a big test of whether Europe's leaders will stand by Paris.
I‚Äôm in the 1 Percent. Please, Raise My Taxes. The New York Times
Wealthy people like me should commit to reducing the ravages of economic inequality.
Gas taxes to rise in these states in July Fox Business
The national average for fuel prices as of Friday was $2.70 per gallon.
France to tax flights from its airports, airline shares fall Reuters
PARIS (Reuters) - France will introduce a tax on airlines flying from its airports to help support the environment, the transport minister said on Tuesday, in a move ...
Boris Johnson says tax cuts bring in revenue. But we now know that‚Äôs a myth The Guardian
He cites the Laffer curve theory ‚Äď yet it's no more credible than a magic money tree, says Guardian columnist Polly Toynbee.
Gavin Newsom will decide whether Trump must release tax returns to get on 2020 ballot - Sacramento Bee
Gavin Newsom will decide whether Trump must release tax returns to get on 2020 ballot Sacramento Bee
California lawmakers approved a bill on Thursday to force President Donald Trump to publicly release his tax returns ahead of the 2020 election, setting the ...
Japan's Looming Sales Tax Hike Prompts Less Rush Demand So Far Bloomberg
Japan's economy is less likely to suffer a painful whiplash from a sales tax increase scheduled for October, early sales figures for autos and apartments suggest.
Stop monkeying around with our tax dollars Washington Examiner
Big Government lobbyists and entrenched bureaucrats are predictably hysterical about a common-sense congressional push to improve transparency and ...
Georgia woman gets prison for stolen UI employee tax refunds MDJOnline.com
DAVENPORT, Iowa (AP) ‚ÄĒ A Georgia woman who used the identities of dozens of University of Iowa employees to fraudulently collect more than $450000 in ...
How a ‚ÄėWealth Tax‚Äô Could Work The New York Times
A reader says give the wealthy a chance to decide how their money will be spent.
Illinois taxpayers to face $2.1B in new taxes on July 1 Illinois Policy
Starting this July, Illinoisans will pay higher taxes on gasoline, cigarettes, video gaming and more.
Gas Taxes Rise in a Dozen States, Including an Historic Increase in Illinois Just Taxes Blog
On January 1, 1990, the Berlin Wall was standing, Nelson Mandela was still in prison, and Illinois was raising its excise tax on gasoline to 19 cents per gallon.
Berkshire Mall sells for $1M after new player clears tax debt Berkshire Eagle
LANESBOROUGH ‚ÄĒ An Ohio investor is poised to write a new chapter in the Berkshire Mall's history.A company identified as Durga Property Holdings Inc.
Did your property value assessment skyrocket? Here‚Äôs what will happen to your taxes - Myrtle Beach Sun News
Did your property value assessment skyrocket? Here‚Äôs what will happen to your taxes Myrtle Beach Sun News
What does a recent property value appraisal & assessment mean for Horry County, SC taxes? It depends on how much your house went up. There is an appeals ...
The $40-billion reason Canada needs real corporate tax reform Financial Post
Opinion: Government tax preferences and handouts hurt us more than any international tax avoidance.
Guilford landscaper gets prison for tax evasion New Haven Register
BRIDGEPORT ‚ÄĒ A Guilford landscaper who pleaded guilty to tax evasion has been sentenced to prison, according to federal authorities. Louis Pocograno, 58 ...
Fort Collins Peloton Cycles is shut down due to unpaid taxes The Coloradoan
Peloton Cycles bike shop was shut down due to owing more than $36,000 in back taxes, according to signs posted on the business' door Tuesday.
Here‚Äôs a look at some of the tax increases and other new laws taking effect in Illinois on July 1 - Chicago Tribune
Here‚Äôs a look at some of the tax increases and other new laws taking effect in Illinois on July 1 Chicago Tribune
Gas and cigarettes will cost more in Illinois starting Monday, and drivers will face stiffer penalties the first time they're caught texting behind the wheel.
Retired feds avoid high-tax states Federal News Network
Are there states where retirees can get tax breaks and enjoy a better standard of living? Short answer: Yes.
Ada County didn‚Äôt collect all the taxes it could for years. Now it may claw some back. - Idaho Statesman
Ada County didn‚Äôt collect all the taxes it could for years. Now it may claw some back. Idaho Statesman
Ada County is considering collecting more than $5.5 million in forgone taxes to pay for a new coroner's office and a driver's license office and to expand the jail.
Avoid State Taxes on Crypto With US Supreme Court‚Äôs Recent Trust Decision? Cointelegraph
Robert W. Wood is a tax lawyer representing clients worldwide from the offices at Wood LLP in San Francisco. He is the author of numerous tax books and writes ...
Bitcoin tax: the U.S. & Singapore go to extremes Yahoo Finance
The U.S. IRS proposes electronic surveillance to weed out Bitcoin tax evasion whereas Singapore plans to exempt cryptocurrencies from value-added tax.
Westchester officials celebrate sales tax hike The Journal News | LoHud.com
Consumers pay more but governments and school districts are getting an influx of cash ‚ÄĒ what will they do with it?
Hillsborough wrestles with how to spend money from its new transportation tax Tampa Bay Times
Commissioner Les Miller wants the sales tax to be spent exactly how voters intended, but administrator Mike Merrill has other ideas.
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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