Here‚Äôs How TurboTax Just Tricked You Into Paying to File Your Taxes ProPublica
Come along as we try to file our taxes for free on TurboTax!
Trump tax cuts helped rich people in GOP states more than in Democrat states CNBC
President Trump's landmark tax legislation will benefit rich households in red states more than those in blue states, a new study finds.
Would Elizabeth Warren's wealth tax actually work as intended? Chicago Booth Review
In January this year, Senator Elizabeth Warren unveiled a proposal to tax the wealth of the richest 0.1 percent of Americans. The proposed legislation to tax ...
Carmack says he paid taxes on disputed Detroit property The Detroit News
Detroit businessman Robert Carmack and his lawyer said Monday he paid taxes on a parcel of land on Detroit's southwest side and therefore was the legal ...
California soda tax bill shelved, in reprieve for beverage industry CNBC
LOS ANGELES ‚ÄĒ A bill that would have slapped a statewide tax on sugary drinks in California stalled Monday when the lawmaker who authored it shelved the ...
Elizabeth Warren wants to use her wealth tax to wipe out Americans' college debt and pay for tuition - CNBC
Elizabeth Warren wants to use her wealth tax to wipe out Americans' college debt and pay for tuition CNBC
Warren says her proposal would benefit 95% of the 45 million Americans carrying student debt and wipe it out for 75% of them. She says those steps would ...
Commentary: Gleeful Democrats pulled off the perfect tax scam Kennebec Journal & Morning Sentinel
"Nobody likes to give themselves credit for this kind of messaging success, but progressive groups did a really good job of convincing people that Trump.
He added up the tax increases California Democrats are proposing. The total? $15 billion - Sacramento Bee
He added up the tax increases California Democrats are proposing. The total? $15 billion Sacramento Bee
California is known for being a high-tax state, but those taxes could soon get increased even higher. Democrats are considering bills that would raise billions in ...
Leon County would hold tax rate steady but get new revenue in 'no-frills' budget Tallahassee.com
While eyeing a "no-frills" spending plan, Leon County's preliminary budget for 2020 looks to keep tax rate steady even as higher property values drive taxes up.
3 Ways to Legally Get Out of Paying Taxes in Retirement Yahoo Finance
Seniors need all the money they can get. Here's how to keep more of yours away from the IRS.
By the numbers: Pennsylvania ranks 11th highest on state cigarette taxes Watchdog.org
The state cigarette taxes in Pennsylvania ranked 11th in the nation, according to a new analysis from the Tax Foundation based on 2016 data.
Start planning for your 2019 tax return now The Boston Globe
Now is the time to start tax planning for next year, because you have time to make any changes that may be necessary to avoid a huge tax bill.
These are the towns with the highest property taxes in each of N.J.'s 21 counties NJ.com
The average property tax bill in New Jersey was $8,767 last year. But there can be big swings from town to town and county to county. So far we've shown you ...
Senate committee rejects bill to send more sales taxes proceeds towards bridges, roads - The Advocate
Senate committee rejects bill to send more sales taxes proceeds towards bridges, roads The Advocate
On arguments that the legislation would pick apart last year's hard-fought deal to stabilize the state's revenue collections, a Louisiana Senate committee ...
John McClaughry: Heating fuel tax is an insidious carbon tax vtdigger.org
Editor's note: This commentary is by John McClaughry, the vice president of the Ethan Allen Institute. The House-passed heating fuel tax bill (H.439) is now in ...
If you haven't filed your taxes yet, here are some last-minute tips CNN
Tax Day 2019 is here! Whether you want to file for an extension, save money or even find the closest place to buy a stamp, here is your last-minute Tax Day ...
Cuyahoga County's high taxes prompt discussion about consolidation cleveland.com
A recent analysis that suggests Cuyahoga County is unduly burdened has the Greater Cleveland Partnership wondering if local government should be ...
Trump sues to block congressional subpoena seeking years of his tax records Los Angeles Times
Trump and his business organization have sued to block a subpoena that seeks years of the president's financial records.
'TAX HIKE MIKE': MONTVALE MAYOR MIKE GHASSALI HAS A HISTORY OF RAISING TAXES InsiderNJ
'TAX HIKE MIKE': MONTVALE MAYOR MIKE GHASSALI. HAS A HISTORY OF RAISING TAXES. Tax Rates Higher Under Ghassali's Reign. This is the second ...
Why homeowners should stay in N.J., despite the taxes. A millennial explains. NJ.com
By Jason DeAlessi. As a millennial who follows happenings in Trenton very closely, I am troubled by the NJ.com editorial,‚ÄúThis is why I'm leaving New Jersey.
David Cay Johnston: What Is Trump Hiding in His Tax Returns? The Nation
The Pulitzer Prize‚Äďwinning investigative reporter explains what's likely in Trump's returns.
Unhappy with your tax return? How to prepare for 2019 CNBC
Your refund tells only part of the story of how you fared under the Tax Cuts and Jobs Act. If you really want to dig into your taxes, check out your liability.
Radford passes budget, tax increase | Radford News Roanoke Times
RADFORD ‚ÄĒ The Radford City Council officially approved its budget and real estate tax rate with little affair.
Tax day 2019: millions are cheating on their taxes, but few go to jail Vox.com
Tax cheats owe $131 billion to the US government ‚ÄĒ enough to fund the entire Department of Education for two years.
Political Scene: Tax returns show a big Point Judith Capital payout to Raimondo and lots more - The Providence Journal
Political Scene: Tax returns show a big Point Judith Capital payout to Raimondo and lots more The Providence Journal
Unlike President Donald Trump's refusal to release his tax returns, most Rhode Island politicians are agreeable to releasing theirs. PROVIDENCE ‚ÄĒ In ...
Housing, taxes could sway vote to fill Seattle City Council seat vacated by Rob Johnson - The Seattle Times
Housing, taxes could sway vote to fill Seattle City Council seat vacated by Rob Johnson The Seattle Times
Housing and homelessness are areas of focus as the Seattle City Council vets candidates to fill the seat vacated by District 4 Councilmember Rob Johnson.
Still Haven‚Äôt Filed Your Taxes? Here, Last-Minute Advice The New York Times
Fewer taxpayers than last year had filed by late March. That may be because of the new tax law. ‚ÄúThis is the most complicated tax season ever,‚ÄĚ one C.P.A. said.
Bernie Sanders Released His Tax Returns. He‚Äôs Part of the 1%. The New York Times
WASHINGTON ‚ÄĒ Senator Bernie Sanders of Vermont, a leading candidate for the Democratic presidential nomination, disclosed 10 years of tax returns on ...
This April 15, Don't Fall for the Right's Favorite Lie About Taxes The Intercept
You've probably encountered propaganda using extremely misleading statistics to claim that the U.S. tax system is soaking the rich. It's not.
Pekin eyes slate of new taxes to pay for pensions, infrastructure needs week.com
PEKIN, Ill. (WEEK) ‚ÄĒ UPDATE: Pekin Mayor-elect Mark Luft said the tax votes will be tabled tonight so the council can have more time to ‚Äúmull it over.‚ÄĚ ...
Face It: You (Probably) Got a Tax Cut The New York Times
Studies consistently find that the 2017 law cut taxes for most Americans. Most of them don't buy it.
A Brief History Of Income Taxes : Planet Money NPR
Taxes have been around forever. But the income tax? In the U.S., it's relatively recent.
Public Tax Returns? No, Just Those of the Well-Off Bloomberg
Disclosure would discourage cheating and give better insight into the extent of U.S. inequality.
Toms River municipal budget has no tax increase; councilman votes against it anyway - Asbury Park Press
Toms River municipal budget has no tax increase; councilman votes against it anyway Asbury Park Press
GOP Councilman Daniel T. Rodrick, who is running for mayor, said more spending cuts need to be made.
4 Tax Strategies That Could Make a Divorce Settlement Easier The New York Times
Divorce negotiations are never easy, and they became more complicated this year, thanks to the tax overhaul. Here are four tips for taxpayers to consider.
The Losers And Winners Of The Trump Administration's Big Tax Cut NPR
It's tax day and many Americans are finding out whether last year's big tax overhaul really did cut their taxes. Most did, but some people saw their tax bill go up ...
Pro Football Hall of Fame wants bed tax revenue Akron Beacon Journal
CANTON ‚ÄĒ The Pro Football Hall of Fame is asking Visit Canton for $500000 annually over the next 30 years to support Johnson Controls Hall of Fame Village.
Trump‚Äôs Taxes Are Fair Game. Just Ask Warren Harding. Bloomberg
The Teapot Dome corruption scandal resulted in a 1924 law that gives the House Ways and Means Committee authority to demand returns.
Twice as many companies paying zero taxes under Trump tax plan NBC News
60 major corporations, including Netflix and Amazon, told the IRS their 2018 tax rate was effectively zero under the Tax Cuts and Jobs Act, a new study found.
Bedford County supervisors vote to lower real property tax rate WDBJ7
In a 4-3 vote, supervisors lowered the real property tax rate to an equalized rate of 50 cents per $100 of assessed value.
Mayor John Suthers addresses homelessness, affordable housing, taxes, police and more - Colorado Springs Gazette
Mayor John Suthers addresses homelessness, affordable housing, taxes, police and more Colorado Springs Gazette
Voters elected Colorado Springs Mayor John Suthers this month to a second term. The Gazette asked Suthers several questions by email about his first term, ...
Advocacy group warns federal gas tax hike would have negative impact for Pennsylvania taxpayers - Watchdog.org
Advocacy group warns federal gas tax hike would have negative impact for Pennsylvania taxpayers Watchdog.org
A nonprofit organization recently put out an open call to Pennsylvania lawmakers and implored them to steer clear of a proposed increase in the federal gas tax.
Their Tax Rate Is 0% The New York Times
You should be jealous of Amazon, G.M. and Coors.
Honolulu officials approve tax break for homeowners Hawaii News Now
HONOLULU (AP) - Honolulu officials have approved a bill that would lower property taxes by about $70 for most Oahu homeowners. The Honolulu ...
Everyone‚Äôs Income Taxes Should Be Public The New York Times
Disclosure of tax payments would make it easier to hold politicians accountable. It also would help to reduce fraud and economic inequality.
SoFi‚Äôs No-Fee ETF Launch Saddles Some Customers With Tax Bills The Wall Street Journal
SoFi recently launched two no-fee ETFs, marking its first foray into the $3.9 trillion U.S. ETF market. But the move stands to hit some clients with unexpected ...
Doing your taxes? Use these tips to get organized NBC News
Here are 6 things that can help you be better prepared at tax time this year ‚ÄĒ and next.
Study finds that tax rates haven't changed for the rich in decades CNBC
CNBC's Robert Frank reports on a study that found that the wealthy paid little taxes in the 1950s and 1960s despite many Democratic lawmakers suggesting ...
Is CT stepping off its fiscal rollercoaster? Income tax receipts appear stable. The CT Mirror
After watching Connecticut income tax receipts fluctuate by hundreds of millions of dollars over the past two years, state officials appear to be getting off the fiscal ...
Manufacturers Sue U.S. to Stop Tax Regulation The Wall Street Journal
The National Association of Manufacturers sued the federal government alleging that a tax regulation affecting winemakers and alcohol companies violates ...
Team Trump Scoffs at Tax Return Deadline, Dares Dems to Take Legal Action: 'Let Them Knock Themselves Out' - The Daily Beast
Team Trump Scoffs at Tax Return Deadline, Dares Dems to Take Legal Action: 'Let Them Knock Themselves Out' The Daily Beast
The Trump administration, along with the president's personal lawyers, are preparing to formally tell Democratic lawmakers seeking years of Donald Trump's tax ...
Which Presidential Candidates Have Released Tax Returns NPR
Congressional Democrats are embroiled in the fight to try to compel the release of President Trump's tax returns, which he continues to decline to do. But with ...
Long lines of residents sound off to Richmond City Council on tax hikes, RPS funding - WWBT NBC12 News
Long lines of residents sound off to Richmond City Council on tax hikes, RPS funding WWBT NBC12 News
RICHMOND, VA (WWBT) - Richmond City Hall was packed Monday night, with people waiting in over-flow rooms for their chance to speak. Residents sounded ...
Shocked by Your Tax Refund? Next Year Could Be Worse Unless You Act Now The New York Times
Fewer taxpayers have received refunds so far this year, and refunds are smaller. Now is the time to check your paycheck withholdings.
Thousands may owe state taxes because of technical glitch KGO-TV
California's tax board says a technical glitch resulted in possibly thousands of incorrect refunds - and some may have to pay money back.
Skip that avocado toast ... 60% of millennials don't have $500 to cover their tax bill: Survey - CNBC
Skip that avocado toast ... 60% of millennials don't have $500 to cover their tax bill: Survey CNBC
Drop the avocado toast. Many millennials can barely pay their tax bill. Six out of 10 people in this age cohort don't have $500 set aside to cover what they owe ...
Cambridge Rep. Calls for Capital Gains Tax to Fund Transit Banker & Tradesman
A state representative from Cambridge wants to raise the state's capital gains tax in order to generate more than $1 billion in new revenue for the state each year ...
The 140-Year-Old Dream of ‚ÄėGovernment Without Taxation‚Äô The Atlantic
In 1879, a political economist argued that wealth derived from land value belonged to the American public. Today, economists are reviving interest in his ideas ...
Save money on tax-free emergency supplies weekend Monitor
HARLINGEN ‚ÄĒ The best preparation for any emergency starts today. The state tax-free emergency supplies weekend from April 27-29 allows Texans to stock ...
Blackstone CEO Steve Schwarzman wants US to raise minimum wage, eliminate taxes for teachers CNBC
Watch CNBC's full interview with Blackstone's Steve Schwarzman on the firm's restructuring, the US economy and more 10:12 AM ET Thu, 18 April 2019 | 17:49.
France asks: Should billionaires get tax breaks on Notre Dame donations? CNN
London (CNN Business) One after the other, France's three richest families opened their checkbooks and pledged a combined $565 million to rebuild the ...
Gov. Bullock vetoes three bills, including tax cut on Social Security income KPAX-TV
HELENA ‚Äď Gov. Steve Bullock vetoed three bills late last week, including one that would have exempted more Social Security income from state taxation.
US Workers Are Paying High Taxes. But Without Any of the Benefits. Jacobin magazine
The United States is commonly thought of as a low-tax country. But workers effectively pay some of the highest taxes in the developed world ‚ÄĒ without getting a ...
UPDATE: Washington County leaders approve tax break for German company WJHL-TV News Channel 11
UPDATE: The Washington County Commission has approved a tax break for "Project Starlight," a plan to bring a German manufacturer to the county.
Kamala Harris releases 15 years of her tax returns CNN
Throwing down the tax return gauntlet against both Democratic Sen. Bernie Sanders and President Donald Trump, Sen. Kamala Harris of California released 15 ...
A Texas sales tax increase would hit poor people the hardest The Texas Tribune
Top Republican leaders have proposed raising the sales tax and using the money to lower local property tax rates. Wealthier Texans and businesses would ...
Here's who's winning under Trump's tax law CNN
Tax day isn't until Monday, but there have already been some surprises for Americans filing their first income tax returns under President Donald Trump's 2017 ...
Controversial pick for Harrisburg School District solicitor owes business tax to city, schools: court document - PennLive
Controversial pick for Harrisburg School District solicitor owes business tax to city, schools: court document PennLive
A majority of Harrisburg School Board members want to hire James Ellison as the new solicitor at a special meeting Monday. Ellison owes more than $3000 in ...
Cory Booker unveils plan to cut taxes for half the country NBC News
WASHINGTON ‚ÄĒ *Fresh* off launching a national campaign tour over the weekend, Sen. Cory Booker, D-N.J., unveiled a new proposal on Monday to cut taxes ...
Donald Trump‚Äôs Tax Returns: What We Might Learn The New York Times
The president's tax returns would provide insight into how much money he is making, or losing, each year, but they would not fully illuminate the sources of his ...
Your taxes could be going down again soon, and so could taxes on business Charlotte Observer
The standard deduction for income taxes would go up and business tax breaks would be extended with a tax package that has support from key North Carolina ...
Beto O'Rourke releases 10 years of tax returns CNN
Democratic presidential candidate Beto O'Rourke on Monday released ten years of his tax returns, pledging to also soon release his 2018 returns as well.
New 'Patriotic Millionaires' group says: Please, tax me more NBC News
WASHINGTON ‚ÄĒ Karen Seal Stewart is rich. And she wants to pay more in taxes. Yes, you read that right. Stewart is one of the Patriotic Millionaires, a group of ...
Elizabeth Warren Proposes New Corporate Tax The Wall Street Journal
WASHINGTON‚ÄĒDemocratic presidential candidate Elizabeth Warren is proposing a new 7% tax on the largest, most profitable U.S. companies, a move that ...
Poll: 68 percent say they paid same or more in taxes in 2018 | TheHill The Hill
About two-thirds of Americans, 68 percent, say they paid the same or more in taxes for 2018 than the previous year, while less than a quarter said they paid less, ...
Syracuse tax increase is needed to fix deteriorating water system (Your letters) Syracuse.com
No one likes a tax increase, but "I have to say I'm with the mayor on this one," writes a Syracuse taxpayer.
Who wants to pay taxes? Vox.com
A lot of people do, at least when they have direct input on how governments spend their money.
Elizabeth Warren's 'Real Corporate Profits Tax' Analysis Tax Foundation
Senator Elizabeth Warren (D-MA) released a proposal for a surtax on corporate profits called the ‚ÄúReal Corporate Profits Tax.‚ÄĚ The Real Corporate Profits Tax ...
Legislators break with Lamont and propose higher taxes on wealthy Connecticut residents - Hartford Courant
Legislators break with Lamont and propose higher taxes on wealthy Connecticut residents Hartford Courant
Democratic legislators are proposing a tax increase on the investment income of Connecticut's wealthiest households to help close the state budget deficit, ...
How the hell are cryptocurrency holders supposed to file their taxes? MIT Technology Review
Though it wasn't in time for tax day, US lawmakers are pressuring the IRS to clarify its policies for digital currencies.
The Wealthy In Massachusetts Don't Pay Enough In Taxes. We Can Change That WBUR
Here's something you might not know about liberal Massachusetts: In the past four decades, the commonwealth has seen the third-largest decrease in taxes of ...
Tax day is Monday. How do I file a tax extension for 2019? USA TODAY
If you haven't filed yet and are feeling pressed for time, you may want to consider getting an extension. Here's how to get the extra time you need.
Tax refunds: Red states doing better than blue states CNN
Most American taxpayers got tax cuts last year, thanks to the new tax law. They just may not have realized it. And filing their returns Monday won't help make it ...
The White House has reached peak ridiculousness on Donald Trump's taxes CNN
Congratulations, Sarah Sanders! You just made the single worst argument for why Donald Trump shouldn't release his taxes!
What Elizabeth Warren Doesn‚Äôt Get about Taxes National Review
Senator Warren's corporate-tax hikes and new wealth taxes would hurt the very impoverished Americans they aim to help ‚ÄĒ and everyone else, to boot.
Texas Senate gives local governments more breathing room for property tax revenue growth - The Texas Tribune
Texas Senate gives local governments more breathing room for property tax revenue growth The Texas Tribune
After a key Republican holdout agreed to bring a priority bill to the floor, the upper chamber increased an election trigger on revenue increases from 2.5% to ...
Bill Would Ban IRS From Creating Free Electronic Tax Filing System NPR
NPR's Rachel Martin talks to ProPublica reporter Justin Elliott about a bipartisan congressional measure which could ban the Internal Revenue *Service* from ...
Stephen Moore, Trump‚Äôs Fed nominee, owes $75,000 in unpaid taxes Vox.com
President Donald Trump's controversial pick to fill an open seat on the Federal Reserve Board, Heritage Foundation fellow Stephen Moore, reportedly owes ...
Montreal real estate: Take time to learn about tax breaks for homeowners Montreal Gazette
Wrapping your head around the ins and outs of tax rules can be complicated, but it's worth it.
All the 2020 Presidential Candidates' Tax Returns MONEY
The 2020 presidential race is officially underway, and that means it's time to talk tax returns. President Donald Trump notwithstanding, almost all major party ...
Texas Gov. Greg Abbott, other top leaders propose raising the sales tax to provide property tax relief - The Texas Tribune
Texas Gov. Greg Abbott, other top leaders propose raising the sales tax to provide property tax relief The Texas Tribune
The state's "Big Three" unveiled the proposal in a joint statement. The idea would need approval from two-thirds of the House and Senate and a majority of ...
Can taxing the rich pay for Bernie Sanders' Medicare for All plan? CNN
Vermont Sen. Bernie Sanders is not hiding the fact that everyone's taxes would go up under his "Medicare for All" plan, though the rich would be hit with several ...
The Notre Dame Fire, The Carbon Tax And Climate Policy Forbes
What is the state of climate policy on 2019 Earth Day? Our sense is that while a carbon tax is facing political problems, climate policy is alive and kicking.
The stress of tax season is real. Here's how to cope CNN
The pressure to file for tax returns by a deadline gives tax preparers and accountants plenty of business while adding enough stress to garner the attention of the ...
Is Trump‚Äôs tax law helping or hurting the housing market? MarketWatch
A New York Federal Reserve study suggests tax reform has contributed to the housing industry's recent woes, but other factors may play an even bigger role.
Trump Wrong About Tax Law FactCheck.org
Asked whether he believes federal law requires him to give Congress his tax returns, President Donald Trump responded, ‚ÄúThere's no law whatsoever.
Sen. Elizabeth Warren releases 2018 tax returns CNN
Sen. Elizabeth Warren on Wednesday released her 2018 tax returns, laying bare a key financial record the Democratic Party has made a political issue since ...
In 1 Chart, How Your Taxes Are Spent Daily Signal
Unless Congress fixes health entitlements and Social Security, they‚ÄĒand interest payments on the national debt‚ÄĒwill consume every dollar of taxes paid by ...
Tennessee House lawmakers weigh $21M tax break for FedEx expansion The Commercial Appeal
House lawmakers are set to vote on HB 1461, sponsored by Speaker Glen Casada. The bill was amended to specifically provide FedEx a tax break.
5 top Michigan corporations paid $0 in federal taxes under Trump's new tax law - Detroit Metro Times
5 top Michigan corporations paid $0 in federal taxes under Trump's new tax law Detroit Metro Times
You may have paid federal taxes, but four Fortune 500 companies in Michigan did not. In fact, they received hundreds of millions of dollars in...
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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