Tax Information |
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Tax Information
More Articles from Tax Information: Trump Agenda Faces a Fiscal Reckoning The New York Times Americans Staged a Property Tax Revolt on Election Day The Wall Street Journal Trump’s tax ideas could affect homeowners, older adults and middle class The Washington Post Millennials pay higher taxes for boomers’ retirement - and the burden is only going to increase The Globe and Mail Tax Changes are on Trump's 2025 To-Do List Kiplinger's Personal Finance Revenue Estimates of Trump’s Universal Baseline Tariffs Tax Foundation Cigarette and tobacco products tax Department of Taxation and Finance For Trump and Republicans in Congress, ‘everything is in play’ on tax cuts - The Washington Post For Trump and Republicans in Congress, ‘everything is in play’ on tax cuts The Washington Post Washington’s capital gains tax survives repeal effort Washington State Standard ‘This tax code is broken’: Gov. Landry pitches Louisiana tax overhaul to start special session Louisana Illuminator North Dakota voters reject property tax ballot measure North Dakota Monitor Earned Income Tax Credit (EITC) 2024: How Much Will You Get? Kiplinger's Personal Finance Online Services for businesses Department of Taxation and Finance 4 best investments for minimizing or avoiding taxes Bankrate.com Confronting the New Property Tax Revolt Tax Foundation Nebraska Supreme Court orders Bennington attorney disbarred for dodging federal income taxes Nebraska Examiner Biggest potential impact in California’s election? Hundreds of bonds and tax measures - CalMatters Measure 118, Oregon’s proposed business tax hike, on course to fail Oregon Public Broadcasting Missouri car buyers to pay sales taxes at dealerships in 2026 KSHB 41 Kansas City News Partial South Dakota results show big deficit for grocery sales tax repeal South Dakota Searchlight Detroit to accept cryptocurrency for taxes, fees through PayPal Detroit Free Press Trump’s plans to extend tax cuts and slash red tape will likely spur economic growth − but there’s a cost The Conversation Trump win puts global corporate tax deal ‘in peril’ Financial Times Voters reject local taxes, levy Bonner County Daily Bee Louisiana flat tax bill clears first hurdle alongside franchise tax repeal Louisana Illuminator This Pierce County city plans to raise utility rates, property taxes, budget next year Tacoma News Tribune I moved from the US to Australia. My employer contributes over 11% of my salary to my retirement, and I don't pay property taxes. Business Insider Trump plans ambitious tax agenda -- with insiders revealing how it could put more money in Americans' pockets New York Post What a Second Trump Term Could Mean for Your Money The New York Times North Dakota voters defeat measures to legalize recreational marijuana, axe property tax The Associated Press Donald Trump has sweeping plans for a second administration. Here's what he's proposed NBC Philadelphia Office of Governor Pillen Governor Pete Ricketts Keystone Opportunity Zones (KOZs) PA Department of Community & Economic Development Presidential race, property taxes top of mind for Wilson voters Wyoming Public Media From rent control to property taxes, here’s how state housing ballot measures fared in the 2024 election Fast Company Some Tax Provisions Are Expiring in 2025 — Here’s What Experts Think About Them Peterson Foundation North Dakota lawmakers poised to wade through dozens of bills to reform property taxes North Dakota Monitor A majority of the Chicago City Council is calling for an early vote on mayor’s property tax hike WBEZ Chicago As candidate, Trump vowed to lift SALT tax deduction cap. Will he follow through for NJ? NorthJersey.com IRS says it collected $5 trillion in taxes in 2024 KTIV Siouxland's News Channel Voters reject Oregon’s Measure 118 on creating new corporate tax and rebate for residents Oregon Capital Chronicle Responsible concerns about tax cuts are not myths Meridian Star Latimer proposes no tax increase in his last Westchester budget before headed to Congress The Journal News Voters in 18 SC counties will set their own sales taxes South Carolina Daily Gazette Sin taxes are suffering from a shortage of sinners The Economist Governor says 2025 focus will be on cuts in local property taxes stormlakeradio.com How 2025 Tax Changes Compare To This Year Investopedia Chicago woman has home sold out from under her in tax sale, all due to county paperwork issue CBS News Detroit set to become largest US city to accept cryptocurrency for taxes WXYZ 7 Action News Detroit Business on the ballot: How local measures are faring on new taxes, rent control, school construction and more North Bay Business Journal Nashville, Tennessee voters green light transit tax Tennessee Lookout The algorithm and taxes Kathimerini English Edition Estimated taxes IRS Do the Green Bay Packers pay taxes? Reporter Richard Ryman answers that and other questions Green Bay Press Gazette How to Claim Your Student Loan Payments on Your 2024 Taxes U.S News & World Report Money |
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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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