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Tax Information
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Manchin, Trump Taxes, John Geddert: Your Thursday Evening Briefing The New York Times AICPA seeks certainty on filing deadline and relief for 2020 tax year Journal of Accountancy Pritzker corporate tax proposal will scare away businesses Crain's Chicago Business How to File: Unemployment Benefits, Fraud and Taxes NBC San Diego NYC has $1.3B in unpaid property taxes The Real Deal Here’s how filing your taxes early could cost you a $1,400 stimulus check FOX 10 News Phoenix Stimulus payments will increase tax bill for nearly 900,000 Oregonians – lawmakers consider a fix OregonLive Residency Tax Audits When You Move To Another State The National Law Review Lawmakers urge Democratic leaders to waive taxes on jobless benefits in COVID relief bill Yahoo Finance First half property tax deadline reminder Larimer County California marijuana firms face more state tax audits, millions of dollars in unpaid taxes Marijuana Business Daily Three Individuals Charged With Federal Tax Offenses | USAO-NDIL Department of Justice NBC 5 Responds: Property Tax Exemption Available After Winter Disaster NBC 5 Dallas-Fort Worth Janet Yellen on Jobs, Debt, Taxes, Climate and Cryptocurrency The New York Times Swift Prepared Foods wins tax incentives for Italian meats plant Columbia Missourian Best tax software for small business owners in 2021: Save time filing and get your maximum refund CNBC IRS still hasn't processed millions of 2019 tax returns Detroit Free Press Among Justice's promises on income tax proposal is ability to see it in writing soon West Virginia MetroNews Berkeley Co. mortuary owner accused of operating business without a license, tax evasion Live 5 News WCSC Which States Are Taxing Forgiven PPP Loans? Tax Foundation The Mid-Morning Dump: Death, Taxes, ISU blows out West Virginia in Ames widerightnattylite.com Moncks Corner funeral director charged with tax evasion, unlicensed operations Charleston Post Courier Report: Canada's New Frigates Will Cost $4B Each, Including Taxes The Maritime Executive Capital-gains tax: What about sales tax? Seattle Times Boone County Commission approves tax abatement for $200 million Italian meat plant - ABC17NEWS ABC17News.com GOP bill would redirect some of state sales tax revenue toward state transportation fund Madison.com Randolph Morris Indicted for Wire Fraud and Federal Tax Violations for Failing to Report Income from Professional Basketball in China Department of Justice No new taxes without a statewide vote on constitutional amendment, says Alaska Gov. Mike Dunleavy Anchorage Daily News Tax Day 2021: When's the Last Day to File Taxes? Kiplinger's Personal Finance New tax rule could mean bigger tax refunds for some families, but only if they're savvy Yahoo Finance Maryland Approves Country’s First Tax on Big Tech’s Ad Revenue The New York Times Trading tax hike won't harm competitiveness of Hong Kong's stock market, says financial secretary CNBC Queensbury school district seeks to override tax cap Glens Falls Post-Star U.S. eyes flurry of new taxes on Amazon, Facebook and Google, trying to force tech to pay its ‘fair share’ The Washington Post How the timing of your tax return could affect your third stimulus payout Detroit Free Press Is “Trauma” The Tax Houstonians Pay For Living In Texas? Houston Public Media IRS Postpones April 15 Tax Deadline for Texas Residents, Businesses The Wall Street Journal Ancora Holdings nominates Blucora directors, pushes for tax arm sale Crain's Cleveland Business Senators hear bill to exempt Social Security benefits from state income tax Lincoln Journal Star Silicon Valley-backed groups sue Maryland to kill country’s first-ever online advertising tax The Washington Post Summary of the Latest Federal Income Tax Data, 2021 Update Tax Foundation 1099 Questions tn.gov NY judge orders Trump Organization's tax firm to hand over more documents to state attorney general CNN |
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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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