tax season

Taxes Up and Down

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Just when you thought your taxes will go down under President Trump, along comes a way to stifle your enthusiasm.

President Trump wants big tax cuts on corporations and individuals. Now some enterprising state and local politicians are hoping to create new ways to take your tax savings back. According to the San Francisco Chronicle, the city's board of supervisors will vote next week on a resolution urging the California legislature to amend state law to allow cities and local governments to impose personal and corporate income taxes.  read more »

Tax Season

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Tax day has come and gone and this year’s its being followed with a little relief.

Budget cuts and new responsibilities have the IRS busting at the seams and that’s good news for tax payers. Because the agency is stretched so thin it has fewer agents available to audit people. The IRS commissioner says they will keep going after the worst of the bad guys. But he says there are some people that they should catch that they probably won’t be able to.

So how do you know if you’re in the clear? If you report making $40,000 in wages and your employer reports 50; the IRS will catch that. But if you operate a business that deals in cash your chances of getting caught are the lowest they’ve been in years.  read more »

The Tax Man Cometh

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You have almost eight week to get ready for the tax man; better get started.

You might consider this a wakeup call for all you tax procrastinators out there. April 15th may seem a long way away, but not if you'll need help from the IRS.  read more »

Tax Season

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The holiday season is over and a whole new season is approaching.

It might be a new year but it's not quite time to forget the old one; at least when it comes to how much money you made. And as you prepare to haul out your receipts and file your tax return experts say there are some big mistakes that could cost you.

For example avoid using a pen and paper. Tax officers say it would be foolish not to efile. Not only is it faster but you avoid the possibility of making simple mistakes. And if you do bring in some outside help check their credentials. There are 800,000 people in the country who prepare tax returns and most of them are unregulated. That's because there's no licensing requirement for someone to call themselves a tax preparer.  read more »

Tax Cheats

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The tax deadline has come and gone and chances are not everyone paid up.

A new report from the IRS says that most of the people who refuse to pay Uncle Sam reside in the country’s wealthiest areas. And the biggest offenders can be found in Los Angeles, San Francisco, Houston, Atlanta and Washington, DC.

The study also says that the most common offenders are the owners of construction companies or real estate offices where annual income is easy to under-report. The IRS says it’s much harder for people whose companies take taxes directly from their paychecks to cheat the system. And that bad karma will come back around.  read more »

Ridiculous Deductions

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It’s tax time and while you might be trying to squeeze every last dime from the government, Uncle Sam is not amused.

Tax deductions are our way of getting back some of the hard earned money we have unwillingly donated to the government. And while charitable contributions and business expenses may fly, prostitutes and emu feathers do not.  read more »

Tax Time Threats

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Tax season may not be your favorite time of year, especially if you’re an IRS agent.  read more »

Tax Myths Busted

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Spring has sprung, meaning its tax time but this season is painful enough without paying more than you owe. So beware the tax myths that could cause you to empty out the piggy bank.

Jeff Schnepper, a former Professor of Taxation, Accounting and Finance and author of “How to Pay Zero Taxes” has compiled a list of five tax myths that can cost you money. Schnepper says from Santa Claus to the Tooth Fairy our culture is full of myths, and in the world of taxes these myths can cost you big bucks if you don’t know the rules.  read more »