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Tax Information
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Perspective | I inherited land that recently sold. What will I owe in taxes? The Washington Post Bookkeeper Sentenced for Fraud and Tax Evasion | USAO-MA Department of Justice Were you unemployed in 2020? Here’s why you might see a tax refund in your bank account Sacramento Bee Entertainers working in multiple states run into tax issues. Here are ways to avoid those problems CNBC D.C.'s Income Tax Hike Helps Maryland and Virginia, Not D.C. Tax Foundation Business Owner Indicted On Tax Fraud | USAO-KS Department of Justice Jury Convicts Washington, D.C., Man in Stolen Identity Tax Fraud Scheme Department of Justice Krugman: Should only the little people pay taxes? Austin American-Statesman How to Invest: Three ways to tame your tax bill MarketWatch Rutledge wants '22 vote on income tax Arkansas Online Riverside sends income tax increase to November ballot Dayton Daily News US companies that paid little or no income taxes support taxpayer-funded infrastructure deals The Washington Post Dear Editor: The District at 1515 Will Pay No Fire Tax Parsippany Focus How to Build a Tax-Free Retirement FOX Carolina New Jersey Man Convicted of Conspiring to Defraud IRS in Mortgage-Withholding Tax Scheme Department of Justice Letter: Spend occupancy taxes on healing tourism's impacts Mountain Xpress Summer tax tips KVOA Tucson News IRS launches 'Tax Pro Account' feature Journal of Accountancy Opinion | Should Only the Little People Pay Taxes? The New York Times Newsom’s GOP Challengers Paid Little in Taxes, Returns Submitted for Recall Show Times of San Diego Buford to adopt 2022 budget and 2021 property tax increase Aug. 2 Atlanta Journal Constitution Not So Fast, Some Signal Council Members Say On Tax Increase The Chattanoogan Employers and Plan Administrators: How to Claim COBRA Tax Credits The National Law Review Inverness council reviews budget overview; lowers property tax rate Citrus County Chronicle State Senator Stoller passes tax cut for small businesses Geneseo Republic Ex-husband of Robinson woman who stole $13 million gets federal prison time for tax offenses Pittsburgh Post-Gazette Homeowners hurting, but property tax panel to look elsewhere; link to my full story... Idaho Press-Tribune State and Local Sales Tax Rates, Midyear 2021 Tax Foundation Child tax credit payments started hitting bank accounts today. Here's what you need to know. NBC News Expanded child tax credit a relief for Iowa families Quad-City Times Louisiana consumers face back-to-school sticker shock with nation's highest sales tax rate Daily Advertiser 2021 State Tax Changes, Effective July 1 Tax Foundation Texas Business Owner Pleads Guilty to Tax Fraud Department of Justice US Senators Introduce Bill to Repeal New Truck Excise Tax Transport Topics Online How High Are Property Taxes in Your State? Tax Foundation Carbon Border Tax Is Proposed by Democrats The New York Times Maine program to help low-income families with tax prep Associated Press Wellington's proposed $133.2 million budget raises spending but keeps tax rate unchanged Palm Beach Post Orange County Tax Collector orders staff to get vaccinated; other governments consider measures to rein in COVID-19 infections Orlando Sentinel CMS and IRS will keep tax subsidies for ACA consumers who have failed to file tax returns Healthcare Finance News Invest in Arizona campaign to overturn tax cuts with voter referendums not dampened by lawsuit Arizona Mirror Tax plan amounts to hurricane tax on property insurers | Commentary Orlando Sentinel The Inflation Tax on Capital The Wall Street Journal North Carolina Tax Preparer Sentenced to Prison for Conspiring to Defraud the IRS Department of Justice The tax implications of SB 9 and 10 San Bernardino County Sun Local Tax Limitations Can Hamper Fiscal Stability of Cities and Counties - The Pew Charitable Trusts Local Tax Limitations Can Hamper Fiscal Stability of Cities and Counties The Pew Charitable Trusts Democrats Call for a Tax on Imports From Polluting Countries The New York Times Global Tax Overhaul Gains Steam as G20 Backs New Levies The New York Times Effort to turn former Travis school into senior apartments gets $6 million in tax credits Abilene Reporter-News The price of “taxing” unvaccinated travelers The Points Guy Global Tax Deal Heads Down Perilous Path in Congress The Wall Street Journal U.S. Proposal for Global Minimum Tax Gets Backing From 130 Countries The New York Times Trump Organization, CFO indicted on tax fraud charges apnews.com The Associated Press The former U.S. tax commissioner who went to jail for evading taxes The Washington Post Ireland’s Days as a Tax Haven May Be Ending, but Not Without a Fight The New York Times |
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RELATED ARTICLES
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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