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Tax Information
More Articles from Tax Information: Truemed, a Start-Up Run by an RFK. Jr. Aide, Gives Tax Breaks for Meat and Mattresses The New York Times 'One Big Beautiful Bill' offers Americans lots of tax benefits. Here are a few to plan for USA Today What to Know about “No Tax on Overtime” and “No Tax on Tips” National Association of Home Builders | NAHB The federal government temporarily cut taxes on tips and overtime. What does that mean for Colorado state taxes? Colorado Public Radio Taxing thoughts Princeton University Press Ocean City Council passes 3% tax on rentals booked on third-party services like Airbnb 6abc Philadelphia Did you receive mail from us? NYS Department of Tax and Finance (.gov) Navigating Massachusetts Taxes after Relocation: Key Takeaways from Welch v. Commissioner of Revenue JD Supra AG charges Schuylkill Haven man with felony theft for unpaid taxes Republican Herald Tax hike proposal is bad business Mackinac Center No Tax on Overtime and Tips: What City Employers Need To Know League of Minnesota Cities New Castle County's tax base has shifted in new assessment. Some businesses get a break The News Journal Slotkin lays out changes to taxes, Medicaid and food assistance programs at Tuesday town hall Michigan Advance Department of Taxation and Finance dos.ny.gov Ohio House Republicans will try to override Gov. DeWine property tax vetoes Ohio Capital Journal One Big Beautiful Bill: How are North Carolina Tax-Exempt Organizations Affected? Ward and Smith, P.A. Republican Tax Bill Is a Losing Deal for Gamblers The New York Times Wealth tax could ease UK budget gap — or send millionaires packing Courthouse News Service Tax savings for seniors The American Legion Guest column: The truth about Oregon's lodging taxes bendbulletin.com State looks at ways to ease burden of property taxes newscentermaine.com Playing for the Yotes | S.D.'s low taxes | Daugaard's legacy | Introducing Mike | Fargo comedy's Capitol clash The Dakota Scout He Helped Big Companies Dodge Taxes. Now He’s Writing the Rules. The New York Times Property tax sales threaten the American Dream for local homeowners 6abc Philadelphia Nebraska ends fiscal year $86 million short on expected tax revenues Nebraska Examiner Missouri lawmakers begin dive into property tax problems Missouri Independent Most US adults think the GOP tax bill will help the wealthy and harm the poor, AP-NORC poll finds AP News Small Business Update: One Big Beautiful Bill, Taxes, and Tariffs U.S. Chamber of Commerce Seattle’s Proposed Business and Occupation Tax Changes on Small Businesses Washington Policy Center Use caution when paying or receiving payments from friends or family members using cash payment apps Taxpayer Advocate Service (.gov) Opinion: Stephen Colbert got tangled in the ‘Trump transaction tax’ — and it affects all investors MarketWatch How Much Will Universities Pay in Endowment Tax? American Enterprise Institute St. Johns fire union warns tax cut could jeopardize service Jacksonville Today Why Washingtonians are rushing to go green The Seattle Times Customers were already tipping less. ‘No taxes on tips’ could shrink workers’ pay even more. MarketWatch Lexington school board members plan to diversify from reliance on property tax revenues Mansfield News Journal Back-to-school tax free weekend begins WBRC 6 News $2.2B RIA Resonant Merges with Tax Firm QBCo WealthManagement.com How Republicans Supersized Silicon Valley’s Favorite Tax Break The New York Times Rum, Fisheries and a Sculpture Garden: The Quiet Winners in Trump’s Big Bill The New York Times Garfield County residents can now pay property taxes in monthly installments through third-party escrow service Post Independent Trump’s Auto Loan Tax Break Could Save Working-Class Buyers Thousands, Experts Say CPA Practice Advisor Harris County commissioners awaiting details on Judge Lina Hidalgo's penny child care tax increase plan ABC13 Houston Letter: County Commissioner Bjerke says tax increases likely if proposed tax incentive passes Grand Forks Herald Devils Lake to vote on 0.5% sales tax increase; most revenue would go toward public safety Grand Forks Herald Brookfield and Riverside diverge on 1% grocery tax Riverside-Brookfield Landmark Activists try to preserve IRS’s Direct File now that Trump has ended it The Washington Post Taxes are democracy’s price of admission Riverside-Brookfield Landmark NTRA Partners with Dean Dorton to Host Webinar on Tax Implications from O.B.B.B Act Thoroughbred Daily News Florida back-to-school sales tax holiday starts Aug. 1. See list of all items included Daytona Beach News-Journal Wyandotte County approves increasing max mill levy rate, property taxes set to increase KSHB 41 Kansas City It doesn’t have to be welfare versus warfare. Changes that make tax fairer could fund both The Conversation OPINION: Property taxes are frustrating; here’s how you can speak up DerbyInformer.com Taxes on Social Security benefits were not eliminated despite what you've heard - Detroit Free Press Airbnb now charged with collecting Suffolk County occupancy tax instead of hosts in new agreement Newsday |
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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. 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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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