What Is Taxable Income? U.S. News & World Report
Get organized and understand what types of earned and unearned income can be taxed before the start of the tax-filing season.
O rly? California considers plan to tax text messages NBC News
Your texted emojis may soon cost you in California, if the state's public utilities commission votes to approve taxing text messages next month.
The case for raising the alcohol tax Vox.com
A higher alcohol tax would save lives, prevent crime, and mostly affect excessive drinkers.
Roanoke's treasurer taking a tougher approach to delinquent meals taxes Roanoke Times
Two Roanoke restaurateurs are facing embezzlement charges for failing to pay more than $30000 in meals taxes to the city.
N.J. mayors want higher taxes on marijuana. They are pushing a hard bargain. NJ.com
EDITOR'S NOTE: New Jersey has never been closer to legalizing adult-use cannabis. If you are Interested in the marijuana business industry, NJ Cannabis ...
Hopeful Home Fund will help Berrien County families struggling with property taxes WSBT-TV
There's no place like home for the holidays, but if you're at risk of losing that home the holidays aren't so sweet. The Berrien County treasurer is hoping to help ...
Make these 2 tax moves in time to cut your tax bill Yahoo News
Saving for retirement is a good idea, of course, but if you time things right and do your homework, some of your nest egg could also do double duty as a tax ...
Confused about tax return changes? Here's how to find your new bracket CNBC
The IRS has updated its individual income tax brackets for the new year. The agency has also tweaked its standard deduction and done away with a $695 ...
Gov. Inslee proposes $54.4B state budget with new tax on capital gains The Seattle Times
Gov. Jay Inslee's $54.4 billion proposed state operating budget represents a roughly 20 percent increase from the $43.7 billion budget that he and state ...
Feds Collect Record Taxes Through November; Still Run $305.4B Deficit CNSNews.com
(CNSNews.com) - The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, ...
Maybe It‚Äôs Not Taxes That Scare Off Business but Failing Subways The New York Times
Amazon is coming to New York despite the city's transit horrors. Other companies may not be so forgiving.
Oregon lawmakers get a taste of possible tax hikes in 2019 OregonLive.com
Business begins for the day on the floor of the Oregon House of Representatives on May 14, 2015 at the Capitol in Salem. Randy L. Rasmussen/Staff LC- The ...
Dems aim to punt vote on ObamaCare taxes | TheHill The Hill
Health-care companies are making a last-minute push to delay ObamaCare taxes as part of a year-end government funding deal, but they face resistance from ...
This falling market offers an opportunity to cut your taxes in retirement CNBC
There might be a silver lining in this fall's recent market tumult: Now could be a good time to convert some of your retirement savings to a Roth IRA. We explain ...
‚ÄėHistoric‚Äô Tax Refunds Will Extend Retail Boom Into 2019 Bloomberg
Polling shows that many Americans don't like the landmark tax overhaul passed a year ago, but maybe that's because they haven't received a bulk of the ...
Climate change: Protecting the poor from green taxes BBC News
As President Macron caved into the yellow vest fuel tax protests, President Trump was triumphant. The French humiliation showed people rejected the sort of ...
No tax increase planned in Harrison, commissioners to consider different tax break for firefighters - Tribune-Review
No tax increase planned in Harrison, commissioners to consider different tax break for firefighters Tribune-Review
Harrison Commissioners are expected to vote Monday to adopt a proposed $5 million budget that includes no increase in real estate taxes. The township's real ...
An Echo Press Editorial: In defense of tax increases... Alexandria Echo Press
OK, the headline for this editorial is a little misleading. Nobody ‚ÄĒ including the newspaper's editorial board ‚ÄĒ believes that local governments should go around ...
Illegal Tax Moves to Avoid U.S News & World Report Money
It may seem like a harmless fib, but lying on your taxes can result in fees, interest and penalties.
The Golden Age of Rich People Not Paying Their Taxes The Atlantic
An eight-year campaign to slash the IRS's budget has left the agency understaffed, hamstrung, and operating with archaic equipment. The result: a ...
China's Rich Rush to Shelter $1 Trillion From New Taxes Bloomberg
Wealthy Chinese are rushing to shelter assets and income in overseas trusts before new tax rules go into effect next month, including provisions that target ...
Cell Phone Taxes and Fees in 2018 Tax Foundation
A typical American household with four wireless phones paying $100 per month for taxable wireless *service* can expect to pay about $229 per year in wireless ...
Taxes going down in Delaware County WPVI-TV
Taxes are going down for Delaware County residents.
Final decision on Allentown's tax increase to come Saturday 69News WFMZ-TV
A battle between Allentown's mayor and city council over a hefty property tax increase -- the first in 13 years -- is going down to the wire.
Employer taxes, rent caps, and more in big, bold Bay Area housing plan The Mercury News
Rent caps, new taxes, emergency assistance, anti-eviction policies and more are all on the table in this big and bold agenda to build and preserve housing in ...
California proposes a plan to tax text messages CNN
San Francisco (CNN Business) California regulators want to tax text messages to increase funds for programs that bring connectivity to underserved residents.
Brady releases revised version of year-end tax package | TheHill The Hill
House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday released a revised version of his year-end tax package, a move aimed at ...
'Tax Liens' Mean Towns Win, Homeowners Lose NPR
When homeowners can't, or won't, pay their property taxes, local governments auction off the right to pay those taxes to private companies. Housing advocates ...
In early win for party‚Äôs left, House Democrats back off tax rule The Washington Post
House Democrats have backed off a proposed rule that would have made it more difficult for them to raise taxes and pass their most ambitious goals, an early ...
7 year-end tax tips to boost your refund CNBC
The new tax law has put a whole new spin on year-end tax planning, though it hasn't eliminated the need to do it altogether. "The tricks we had in our back ...
Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too Forbes
With Bitcoin and other crypto prices down again, many holders don't want to sell. But if you owe taxes, how about paying them in Bitcoin? Selling now may ...
Mayor Rahm Emanuel pushes state gas tax increase to fund major transportation bill - Chicago Tribune
Mayor Rahm Emanuel pushes state gas tax increase to fund major transportation bill Chicago Tribune
Mayor Rahm Emanuel on Tuesday called for a 20 to 30 cent per gallon increase in the state's gas tax to fund a major statewide transportation bill.
Paris Is Burning Over Climate Change Taxes -- Is America Next? Forbes
The bottom line is this: economic freedom‚ÄĒthe kind you get with a large middle class‚ÄĒleads to prosperity, economic growth, and technological innovation.
State income tax to drop, edging closer to 5 percent The Boston Globe
The state's income tax rate will drop from 5.1 percent to 5.05 percent in January. But other changes could be in store for taxpayers if the economy keeps ...
How to solve the tax gap, erase the deficit, and build a wall MyNorthwest.com
During November, the federal government spent twice as much as it took in. Biggest monthly deficit on record. Which is why some are calling for more IRS ...
House Democrats to seek Trump tax returns: Pelosi Reuters
Democratic leader Nancy Pelosi said on Thursday that members of congress from her party will seek to obtain President Donald Trump's tax returns when they ...
North Dakota governor proposes tax exemption for military pay, pensions Military Times
Gov. Doug Burgum wants to exempt military pay and pensions from North Dakota income taxes, arguing in part that retaining veterans could help the state fill ...
FCC panel wants to tax Internet-using businesses and give the money to ISPs Ars Technica
At AT&T's urging, committee proposes tax on websites to pay for rural broadband.
Agent's Take: Here are the NFL's real highest-paid players after taxes and salary deferrals are considered - CBS Sports
Agent's Take: Here are the NFL's real highest-paid players after taxes and salary deferrals are considered CBS Sports
We did the math, and these 15 players are the real top earners in 2018.
What Are the 2019 Tax Brackets? Motley Fool
Here's a look at the tax brackets for 2019 and what they could mean to you.
Travel and taxes are a bad combo - One Man's Meat The Star Online
When holidaymakers have to pay more charges than they think they should, the aviation and tourism sectors may encounter turbulence.
Divorcees can save on taxes ‚ÄĒ if they take this one step CNBC
If you're planning on shedding weight in 2019 ‚ÄĒ in the form of your soon-to-be ex ‚ÄĒ be sure you understand this tax-planning benefit. Why the "head of ...
All the Taxes in France The Wall Street Journal
Even before the fuel tax, France had the highest burden in the West.
The Trump tax cuts are putting America in a hole Yahoo Finance
Tax cuts and a slowing economy will erode America's fiscal strength during the next decade, according to a new report from Moody's Investor *Service*, the ...
Why greens are turning away from a carbon tax POLITICO
Putting an economic price on greenhouse gases is proving a hard sell with the public, even as time to head off climate change shrinks.
How State Taxes Could Affect Where Bryce Harper and Manny Machado End Up Sports Illustrated
Contract value can fluctuate substantially depending on the state. How might that affect the negotiations for Harper and Machado?
Kansas, Missouri have high taxes on cell phones, report says The Wichita Eagle
Kansas, Missouri and Nebraska all ranked high in a report tracking tax rates on wireless *service*.
The New 2019 Federal Income Tax Brackets And Rates Forbes
We're just about to enter 2018 tax filing season. But already the IRS has issued new federal income tax brackets for 2019. Confused? That's completely ...
Reedsburg City Administrator resigns over error, taxes will increase over 6 percent - Baraboo News Republic
Reedsburg City Administrator resigns over error, taxes will increase over 6 percent Baraboo News Republic
Stephen Compton resigned from his duties as city administrator for Reedsburg amid budget errors and a miscommunication with the council when presenting ...
Miami's oldest church slapped with a $7 million tax bill Miami Herald
The First Presbyterian Church of Miami, the oldest organized congregation in the city, has been hit with a $7.1 million tax bill by the Miami-Dade Property ...
California considering text message tax ‚Äď but iMessages would be exempt 9to5Mac
California is considering introducing a tax on text messages. The reason? Because nobody makes phone calls any more. While you might not be aware ...
Europe won't give up on new tech taxes CNN
London (CNN Business) EU plans for a new tech tax are on life support. But Facebook and Google could still be on the hook for millions in payments.
New Arizona ban on taxing 'services' might wreck city budgets. So cities lawyer up AZCentral
Prop. 126 bars new or increased taxes on services, but the voter-approved measure did not define "*service*". Restaurant waitress. A waitress retrieves dishes at ...
Kentucky physician sentenced after failing to pay taxes for 4 years WKYT
Dr. Werner Grentz, 69, was sentenced to federal prison Wednesday after authorities say he falsely reported his yearly income as $0 between the tax years ...
GM has barely paid federal taxes for years. Here's why CNN
GM has used one of the most popular tax breaks in corporate America to reduce, or even eliminate, its federal income tax bill since it came out of bankruptcy.
The Tax Cuts And Jobs Act: 3 Changes You Should Know Forbes
Tax season is coming more quickly than you might think ‚ÄĒ has the Tax Cuts and Jobs Act affected you? Read here to discover more!
Modesto City Council approves tax rate for marijuana retailers The Modesto Bee
The City Council in Modesto, California, has approved a tax rate for cannabis retailers and other marijuana businesses, including distribution, microbusiness, ...
It May Be Time to Stop Itemizing Your Tax Deductions NerdWallet
The standard deduction nearly doubled for 2018, leaving many taxpayers wondering whether itemizing tax returns is worth the effort anymore. Tax pros share ...
Property taxes are going up in Lynn - Itemlive Daily Item
With no discussion, the Lynn City Council voted unanimously on Tuesday night to set the lowest residential tax rate at $14.30 per $1,000 home assessment.
Mike Haridopolos says he deserves a tax break because of Indian River Lagoon problems - Florida Today
Mike Haridopolos says he deserves a tax break because of Indian River Lagoon problems Florida Today
Former Florida Senate President Mike Haridopolos says he deserves a tax break on his Lansing Island home because of the Indian River Lagoon problems.
Editorial: N.C. has greater needs than more corporate tax cuts WRAL.com
Wednesday, Dec. 12, 2018 -- Given North Carolina's needs, not to mention the additional costs tied to hurricane and snowstorm recovery, the General Assembly ...
A no-brainer tax break ‚ÄĒ if you‚Äôre old enough and have a traditional IRA - San Francisco Chronicle
A no-brainer tax break ‚ÄĒ if you‚Äôre old enough and have a traditional IRA San Francisco Chronicle
People who are at least 70¬Ĺ years old and donate to charity should consider making the donation from their individual retirement account to take advantage of a ...
Wow, a Financial Transactions Tax Is an Amazingly Good Idea Splinter
Imagine‚ÄĒjust imagine‚ÄĒif a tiny, barely noticed tax on Wall Street could solve many of our nation's problems. Well it can!!!!!!!!
Kentucky doctor really didn‚Äôt like paying taxes on hefty income. Now he‚Äôs headed to prison - Lexington Herald-Leader
Kentucky doctor really didn‚Äôt like paying taxes on hefty income. Now he‚Äôs headed to prison Lexington Herald-Leader
A Kentucky doctor who evaded paying more than $1.1 million in federal income taxes has been sentenced to four years in prison. Dr. Werner Grentz, 69, ...
Paying Taxes Wisely: A Fresh Look at Tax-Efficient Withdrawal Strategies - Kiplinger's Personal Finance
Paying Taxes Wisely: A Fresh Look at Tax-Efficient Withdrawal Strategies Kiplinger's Personal Finance
Sometimes it pays to go against conventional wisdom. Here are two ways to possibly reduce taxes in retirement while extending the life of your nest egg by ...
10 Smart Steps to Minimize Taxes and Penalties on Your RMDs Kiplinger's Personal Finance
Here are 10 smart RMD moves to help you minimize taxes, meet deadlines and avoid penalties when you make these mandatory withdrawals from your ...
No, The Deficit Isn't 'Soaring,' But Tax Revenues Are At Record Highs Investor's Business Daily
In the first two months of the new fiscal year, tax revenues are up. But so is the deficit. Why? Because spending continues to outpace revenues. So why do tax ...
France‚Äôs protesters are part of a global backlash against climate-change taxes - The Washington Post
France‚Äôs protesters are part of a global backlash against climate-change taxes The Washington Post
The single most effective weapon in the fight against climate change is the tax code ‚ÄĒ imposing costs on those who emit greenhouse gases, economists say.
Make the Most of Potential Tax Deductions Under the New Tax Law Kiplinger's Personal Finance
With some year-end planning, you may still find it worthwhile to file an itemized return to lower your 2018 tax bill.
Kansas faces new fight over taxes after years of turmoil The Associated Press
TOPEKA, Kan. (AP) ‚ÄĒ Kansas' new Democratic governor promised not to raise taxes to meet her goals of boosting spending on public schools and social ...
Pay Taxes With Bitcoin? Ohio Says Sure The Wall Street Journal
Ohio appears set to become the first state to accept bitcoin for tax bills, a show of support for a technology that has garnered lots of hype but failed to gain traction ...
It may be time to stop itemizing your taxes Yahoo Finance
Around this time of year, many taxpayers begin the annual ritual of pondering The Big Question: Do I take the standard deduction or spend time hunting for ...
Republicans are taxing churches to help corporations. Really. The Washington Post
Republicans tax churches to help pay for big corporate giveaway. You would be forgiven for thinking this is a headline from the Onion or the fantasy of some ...
Proposed foreign tax credit regulations issued Journal of Accountancy
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
Hundreds of Thousands in France Protest Taxes by Blocking Roads The New York Times
The country's ‚ÄúYellow Vest‚ÄĚ movement demonstrated nationwide, blocking roads and roundabouts, to register anger about fuel taxes and the loss of purchasing ...
What the Amazon tax breaks really mean Vox.com
I think the easiest way to understand Amazon's HQ2 and the specific question of cities handing out tax subsidies is to abstract away from the particular details of ...
Macron, Confronting Yellow Vest Protests in France, Promises Relief The New York Times
PARIS ‚ÄĒ Faced with violent protests and calls for his resignation, President Emmanuel Macron of France said Monday that he had heard the anger of the many ...
Sherrod Brown‚Äôs tax math on GM moving to Mexico The Washington Post
The senator from Ohio said GM's tax rate would be cut in half if it moved its Lordstown plant to Mexico. That's open to interpretation.
Taxes could present 'significant problem' for Trump, says ex-federal prosecutor | TheHill - The Hill
Taxes could present 'significant problem' for Trump, says ex-federal prosecutor | TheHill The Hill
Former federal prosecutor Gene Rossi on Monday said that taxes could present significant legal hurdles for President Trump after federal prosecutors in New ...
Will Trump's 'Opportunity Zone' tax break help residents along North Broad ‚ÄĒ or push them out? - Philly.com
Will Trump's 'Opportunity Zone' tax break help residents along North Broad ‚ÄĒ or push them out? Philly.com
The tax break, a part of the 2017 tax bill, is designed to spur investment in distressed communities. But with few incentives for investment that will directly help ...
1 Smart Tax Move to Make in December 2018 Motley Fool
Most of the provisions of the tax reform bill that passed in late 2017 took effect at the beginning of this year. Between new tax rates and brackets, expansions of ...
France Suspends Fuel Tax Increase That Spurred Violent Protests The New York Times
PARIS ‚ÄĒ Trying to quell its most serious political crisis, the government of President Emmanuel Macron announced on Tuesday that it would suspend the ...
Why pro athletes may lose a fortune because of the new tax law MarketWatch
CPAs who work with athletes say they can no longer get full deductions for state and local taxes ‚ÄĒ or for itemizing.
Herbert proposes $200 million tax cut ‚ÄĒ but also new taxes to 'broaden' Utah's shrinking tax base - Deseret News
Herbert proposes $200 million tax cut ‚ÄĒ but also new taxes to 'broaden' Utah's shrinking tax base Deseret News
In a year with more than $1 billion in new state revenue, Gov. Gary Herbert is proposing a $200 million sales tax cut to help Utahns keep more money in their ...
Six tax deductions you'll lose on your 2018 return CNBC
If you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That's because the Tax Cuts ...
Stadium taxes: You'll pay more for Reds, Bengals stadiums Cincinnati.com
Once again, Hamilton County leaders broke a promise.
Cook County restores tax on parking apps before January cut took effect Chicago Tribune
Cook County commissioners voted to repeal a parking app tax cut set to take effect next month.
Uber disputes Georgia tax bill, and the stakes are high Atlanta Journal Constitution
Ride-hailing companies like Uber and Lyft could be on the hook for tens of millions of dollars as a tax dispute with the state heads to court. The Georgia ...
Des Moines will vote on sales tax increase in March Des Moines Register
Des Moines voters will be asked again whether the city should increase the local sales tax by a penny in March. This time, they don't need support from the ...
In eulogy, Alan Simpson praises George HW Bush for raising taxes Washington Examiner
Former Wyoming Sen. Alan Simpson on Wednesday used his eulogy of George H.W. Bush as an opportunity to praise the former president for agreeing to raise ...
Ex-US attorney: Mueller ‚Äėabsolutely‚Äô has Trump‚Äôs tax returns | TheHill The Hill
Former U.S. Attorney Chuck Rosenberg said Thursday that he ‚Äúabsolutely‚ÄĚ believed special counsel Robert Mueller has President Trump's tax returns.
Going Through Divorce? Start These 3 Steps Today To Save On Taxes Forbes
The Tax Cut and Jobs Act eliminated the alimony deduction for divorces after 2018. The new law will mean less money for expenses of the two household.
Want to pay less in taxes? Here are last-minute tax tips for 2018 NJ.com
AS the year comes to a close, make sure you know what changes to expect under the new tax plan - before it's too late.
Anger over rising fuel taxes sparks fiery French protests USA TODAY
Thousands of French police have deployed to contain the eighth day of deadly demonstrations that started as protests against tax but morphed into a rebuke of ...
Justin Trudeau‚Äôs Carbon Tax Push Finds Critics on All Sides The New York Times
A conservative shift in Canada's provinces has opened a new battle over carbon pricing, threatening one of the prime minister's goals. But that is not the only ...
Think you‚Äôre owed a property tax refund? San Bernardino County residents have until Tuesday to claim checks - San Bernardino County Sun
Think you‚Äôre owed a property tax refund? San Bernardino County residents have until Tuesday to claim checks San Bernardino County Sun
Homeowners in San Bernardino County have a few more days to claim property tax refunds, otherwise the county gets to keep them. On Tuesday, Dec. 18, the ...
Thousands in France protesting gas taxes and President Macron Vox.com
Thousands of protesters in Paris and elsewhere in France demonstrate against rising fuel prices and Macron's economic policies.
FBI Raids Trump's Former Chicago Tax Attorney Who Saved the President $14 Million in Property Taxes - Fortune
FBI Raids Trump's Former Chicago Tax Attorney Who Saved the President $14 Million in Property Taxes Fortune
The FBI raided the offices of Trump's former Chicago tax attorney, who obtained millions in assessment relief for the Trump Organization.
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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