Incorrectly deducting unallowable expenses can lead to financial penalties and the increased risk of audits in the future.
Blog
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.
Key Takeaways
- The California State Board of Equalization, also referred to as the BOE, is often likened to the state’s version of the Department of Revenue.
- It’s a tax agency that used to be responsible for administering a variety of taxes, including sales and use taxes, property taxes, and special taxes.
- The BOE was also responsible for administering various regulatory programs related to alcohol and tobacco products.
Taxes on a trust fund in California: brackets, distributions & more!
Key Takeaways
- Do trusts pay tax and how are trusts taxed for income tax purposes in California?
- Applicable taxes on trust funds & the different trust funds
- Trust tax rates for 2023
- Are distributions from a trust taxable to the recipient in California?
- Allocation of taxes on a trust fund in California
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.
Key Takeaways
- 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.
- The difference between sales and use tax comes to the fore in the case of tax audits, and is an area you should take time to be clear on.
- In California, taxpayers often claim deductions for resale of their property, which is a frequent target for the California Department of Tax and Fee Administration (CDTFA).
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.
Key Takeaways
- How to pay less taxes in California in 8 ways
- How to avoid paying California state income tax
- Conclusion
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
Key Takeaways
- So, what is the California exit tax? The California exit tax explained:
- How much is the California exit tax?
- Who has to pay California exit tax?
- Why was the California exit tax of 2020 created?
- The California Wealth Tax Proposal in a Nutshell
California is known for having some of the most significant in-state taxes in the country with a 13.3% annual income tax rate.
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!)
Key Takeaways
- Here’s how to pay off IRS debt fast
- How to pay off tax debt when fast options are not open
- Need help paying off federal taxes to the IRS?
- Our conclusion on how to pay tax debt fast
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.
Payroll Tax vs Income Tax: What’s the Difference Between Them?
Key Takeaways
- Is payroll tax the same as income tax?
- What is the difference between payroll tax and income tax?
- Payroll tax vs income tax comparison chart
- How are payroll taxes different from personal income taxes?
- Our conclusion on the difference between payroll and income tax
America has a complicated tax system, and payroll and income taxes confuse many taxpayers, especially when dealing with revenue agents. While all taxes are not the same, understanding the employment tax difference is significant for employers. But what factors come into play when you evaluate payroll tax vs income tax? Income tax comprises federal, state, and local taxes, while payroll tax includes social security and unemployment taxes.