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Category: Taxes


IRS presents a free webinar for small businesses on Thursday

If you own, operate or plan to establish a small business, the Internal Revenue Service wants to help.

And it will help beginning Thursday, June 20, with a free, live webinar at 11 a.m..

This is, after all, National Small Business Week.

The title of Thursday’s webinar is “Avoiding the Top Tax Mistakes that Small Businesses Make.” Topics will include tops on common mistakes, good recordkeeping strategies, the definition of reportable income, how to choose a tax preparer and tax information resources. The live presentation will feature a question-and-answer period.

The event will be archived on the IRS video portal.

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Nonprofit organizations must file with IRS by May 15

Attention 501(c)(3) nonprofit organizations: You need to file with the Internal Revenue Service on or before Wednesday.

Tax-exempt organizations are required to file annually, and this year’s deadline comes on May 15, according to an IRS release.

Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years.

The Pension Protection Act of 2006 mandates that most tax-exempt organizations file annual Form 990-series informational returns or notices with the IRS. The law also imposed a new annual filing requirement on small organizations. Churches and church-related organizations are not required to file

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People, small businesses in Washington state pay thousands more in taxes because of offshore loopholes, advocacy group says

Washington state taxpayers pay an extra $1,091 in taxes to make up for revenue lost to offshore tax havens, according to a study by WashPIRG, a state public interest group.

“Tax dodging is not a victimless offense,” said Micaela Preskill of WashPIRG, in a news release on Thursday. “When companies use accounting gimmicks to move their profits to tax haven shell companies, the rest of us have to pick up the tab.”

The group estimates that each year, corporations and wealthy people avoid paying about $150 billion in taxes by stashing profits in offshore tax havens. Some $90 billion of

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Frost the cake, blow up the balloons and get the party hats ready: Tax Freedom Day is two weeks away

Tax Freedom Day will arrive on April 18th this year, the 108th day of 2013, the Tax Foundation reported this week in a release.

Americans will work well over three and a half months of the year before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels. Both higher federal taxes and rebounding incomes contribute to this year’s date, which is five days later than in 2012, the foundation said.

In an agency study, “Tax Freedom Day 2013,” economists William McBride, Elizabeth Malm and Kyle Pomerleau also calculated how long Americans

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Tax scams: The IRS 2013 Dirty Dozen

It’s that time of year again – in fact, it’s almost past that time of year again to really start thinking about your tax return. And if you want something to worry about (especially if you’re thinking about some kind of tax dodge) here’s the 2013 version of the Internal Revenue Service “Dirty Dozen” scams.

Identity Theft. During 2012, the IRS protected $20 billion of fraudulent refunds, including those related to identity theft.This compares to $14 billion in 2011. Taxpayers who believe they are at risk of identity theft due to lost or stolen personal information should immediately contact

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Major master-planning effort for 600 acres of downtown Tacoma is ready for your review

A master-planning process that began in the fall of 2011 has produced a deep look at downtown Tacoma’s Brewery and Dome districts, full of ideas for the way it should develop during the next several decades to accommodate major population growth.

It’s your turn to comment.

It’s important that you do. Part of the plan includes an area-wide environmental impact statement, which, if ultimately approved, will allow commercial real estate developers to skip individual environmental review on their project. The idea is to encourage development by helping investors save money while still ensuring the development fits in with the

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Here’s your chance to improve the IRS and help your neighbors do the same: Join the panel

Would you like to give the Internal Revenue Service a piece of your mind (as well as part of your income)?

Now’s your chance.

The IRS is looking for representatives to work on the Taxpayer Advocacy Panel, a federal committee that identifies key issues, conducts outreach to taxpayers and makes recommendations to the IRS.

Members come from all 50 states (and new this year will be an international representative).

Turns out there’s a vacancy for the Washington representative.

If you’re interested, make sure your taxes are paid up, that you’re a .U.S.. citizen and that you’ll be able to devote

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A few simple tax tips (and April 15 is only four weeks away)

This being tax season (you’ve got four weeks left, by the way), several agencies and commercial enterprises are sending out press releases listing tax tips. Such was the case Friday when a car-donation charity sent its list.

Among the most salient and useful snippets of advice:

• If you donated a car to a charity, don’t forget to take the deduction.
• If you’re mailing your tax return to the Internal Revenue System, don’t forget the stamp. (And if you’re doing it online, don’t forget to ht the “send” button.)
• Sign your return. (Some people don’t.)

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