At this time of year, many people in Missouri and across the United States are likely thinking about filing tax returns and whether they will receive a refund. For many, the process of preparing their taxes is a daunting one, and any mistakes could potentially have serious consequences if law enforcement officials believe they were deliberate. In fact, a man in another state is now embroiled in a tax controversy after reportedly receiving a tax refund of almost $1 million.
The national tax overhaul of last year implemented significant tax cuts for private citizens and corporate entities alike. Not to be outdone, Missouri governor Eric Greitens has announced a plan to slash tax rates statewide. If the governor’s proposal is successful, Missouri taxes could be reduced by an estimated $800 million.
What are some things that go well with donuts? Coffee, milk, hot tea and… a sales tax dispute?
In today’s world, there are many ways to earn a little extra money. One is through participating in the sharing economy through things like selling goods or services via one’s computer or cellphone.
There are many different tax deductions for small businesses. They can have significant financial benefits for small business owners. So, there may be a temptation for business owners to take as many deductions as they can every tax year. However, it can be important for a company owner to exercise care when it comes to business deductions.
IT systems play a role in many of the Internal Revenue Service’s actions, functions and processes. However, data suggests that a good portion of the IT systems the agency relies on are out of date.
Understanding what options they have when it comes to tax matters can be very important for small business owners. Having an incomplete picture of such options could cause an owner to inadvertently act in a way not consistent with their financial best interests.
Individuals may have many goals related to higher education for themselves and their family. Meeting these goals can have a lot of expenses connected to it, particularly in today’s world where higher education costs can be quite high.
Here in Missouri, among the big tax issues that are present for businesses are sales tax issues. Sometimes, disputes can arise between a business and the state over such taxes. Such disputes can come up for all different sorts of businesses. As a case that is currently before the Missouri Supreme Court illustrates, this includes professional sports teams.
People in different stages of life can vary quite a bit in what tax issues are present for them. So, each age group can have its own set of tax mistakes it is particularly important to watch out for. Today’s post will be focused on tax mistakes for one particular group: people of retirement age.