Incorrectly deducting unallowable expenses can lead to financial penalties and the increased risk of audits in the future.
Brotman Law
The California State Board of Equalization: What Does It Do Today?
The CA State Board of Equalization (BOE) is a powerful agency with a complex and important role in California’s tax system.
Taxes on a trust fund in California: brackets, distributions & more!
In the midst of tax filing season, it’s common to start worrying and thinking about taxes on a trust fund.
Use Tax vs Sales Tax in California: Differences Compared
It’s really important you’re aware of the use tax vs sales tax differences: how they’re applied, when they’re applied, and in what instances they might apply to you.
As with anything tax-related, it’s not always straightforward.
So, join us as we answer questions such as “what is the difference between sales tax and use tax” and “is use tax the same as sales tax”.
How to pay less taxes in California in 12 Ways
Even though the pull of living in the Golden State is strong, it boasts some of the highest tax rates in the country, from sales tax, property tax, income tax and other local taxes.
This can leave Californians torn between leaving the state or sucking it up to stay and enjoy everything CA has to offer.
But, there is another way.
Knowing how to pay less taxes in California could be exactly what you need…
California Exit Tax & Wealth Tax: What is it & How it Applies to You
However, did you know that you might still be taxed even after you leave the state?
Yep! Thanks to the California exit tax legislation, depending on how much money you get from in-state activities, such as investments in real estate or business operations, you could still be treated like a Californian on your next tax return!
Join us as we walk you through the California wealth and exit tax questions, such as “what is the exit tax in california,” how much it is, who it applies to, and a deeper dive into the CA wealth tax proposal and the Assembly Bill 2088.
California Online Sales Tax: Your Ultimate Guide
Even though the state-wide base rate for California online sales tax is 7.25%, like with the rest of California’s complicated tax laws as they relate to online transactions, it’s not that simple.
There are a few key points that every online business owner should know when it comes to California internet sales tax.
How to Pay Off IRS Debt Fast (& What to Do When You Can’t!)
Tax debts can be scary, and knowing how to pay off Internal Revenue Service debt fast challenges many taxpayers.
How to Respond to IRS Notice of Deficiency & IRS form 5564 Waiver
Many taxpayers panic after receiving a notice or letter from the Internal Revenue Service, especially when it involves inconsistent tax returns. While IRS notice of deficiency can cause anxiety for the taxpayer, it also requires a response within 90 days. But taxpayers can challenge the Internal Revenue Service and appeal in court if they disagree with amendments.
What Happens If the IRS Audits Me and I Do Not Have Receipts?
What Happens If the IRS Audits Me and I Do Not Have Receipts? So if you don’t have substantiation then don’t panic because there’s lots of ways to substantiate an expense when it comes to that so what the code technically requires is that in order to take a business expense for example that the expense has to be incurred in the tax year and it has to be related to the business or as to be necessary to the business so as to be ordinary and necessary in business so in order to prove that the expense was incurred in the tax year technically the code does require receipts but the phrase that we use around the office as we like to point out the integrity of data so to the extent that you go in and make a presentation of the auditor and you may not have every single paper receipt but to the extent that you can provide a general ledger or a profit and loss statement or that the expenses in general look to be well organized and well presented and they make sense in the context of a whole so for example you’re missing a category of receipts or you’re missing a major receipts but you have all the other documents related to the audit then the auditor may let that slide you’ve got well organized financial records you’ve got other receipts you’ve demonstrated a good record-keeping practice and.