Benjamin Franklin once said, “Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.” Franklin may have been correct regarding the certainty of death, but was he correct about the certainty of taxes?
Tax Preparation
How to Work with Brotman Law on Your IRS Collections Case
The biblical tale of David and Goliath is certainly inspiring and does much to instill the belief that you can overcome any opponent, no matter how much they out-size, out-weigh or out-spend you.
Unfortunately, this is not a fair comparison to use for someone going nose-to-nose with the IRS.
Why Do I Owe State Taxes This Year? (& Why so Much?) 2022 Guide
If you haven’t had to pay any state taxes for the past few years but now face a liability, you might be wondering, why do I owe state taxes this year? It’s a pretty common question that many taxpayers struggle to find the answer to.
You may not even be aware that you owe state taxes this year. It all depends on how your income has changed over the previous year and whether you still have any credits or deductions available to you that were used previously to reduce your taxes.
Get to Know California Income Tax Brackets
In California, state income taxes are generally among the highest in the country, but the burden is spread among different segments of the population. The rate of California income tax is arranged on something of a sliding scale, separated by income tax brackets.
Tax Help for Seniors: How Taxes Change as You Get Older
Taxes may be certain, but they are not immune to change. As you age, your tax situation will alter. Understanding the myriad rules around senior deductions, eligibility for various credits and the ways in which pensions and investments are taxed can be daunting, but a little knowledge goes a long way to ensuring that your golden years are comfortable and financially secure.
Establishing Residency or Domicile in California Can Be Taxing
Robert Wood, tax expert and frequent contributor to Forbes.com, wrote that “many would-be former Californians have unrealistic expectations about establishing residency in a new state. They may have a hard time distancing themselves from California, and they may not plan on California tax authorities pursuing them.”
An Update on California’s Proposals to Tax the Rich
During the summer of 2020, California’s political machinery continued to whine and hum. As its populace sheltered in place with COVID-19, two tax bills were introduced on the state’s Assembly floor.
Tax Return Demand from the FTB Intensifies
{{cta(’09b64408-9310-4451-9a41-0234b45d370e’,’justifyright’)}}Are you a marketplace facilitator or out-of-state business who has received a tax return demand from the California Franchise Tax Board? If so, read this before you respond. We’ve provided the essential background information you need to formulate a plan prior to your response.
Common Tax Issues for Small Businesses
Small businesses, of which there are thousands in California, spend the highest percentage of time of any business entity preparing and submitting taxes. Federal, state, and local tax requirements are extremely complex and change every year.
Multiple agencies administer different taxes, and each has its own set of rules and methods of payment. It is no wonder that small business owners often have common tax issues and outcomes of inadvertent noncompliance.
Do You Need California Sales Tax Defense?
The Board of Equalization is the California public organization that administers the state sales and use tax law and regulations. The BOE also conducts audits, collects unpaid California state sales and use taxes, and administers the state property tax.
There are presumptions of the tax code that the BOE follows in its operation and decision-making process. The BOE presumes:
- All sales are taxable unless specifically exempted
- Exemptions must be supported by documentation
- The taxpayer is responsible for maintaining and providing documentation in case of examination or audit