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.
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The California Franchise Tax Board & Business Income Taxes
California can be an expensive state in which to do business, and it’s not getting any cheaper. Small businesses in the state are particularly hard hit under the state tax laws.
California has a higher than average state income tax imposed on business and personal income, plus it engages in double-taxation when it comes to business entities structured so that the income passes through to the owner.
The Franchise Tax Board is the agency responsible for administering personal and business income tax in the State of California. While the state generally follows the lead of the IRS in setting policy, it does not do so in every instance, as we shall see.
Learn How to Beat the IRS with the Tax Master Class
The first “Tax Master Class,” masterminded and hosted by Sam Brotman, took place on Thursday, April 29, 2021. Due to the current COVID-19 climate, the event was on Zoom, but for those who missed it, a recording will be made available.
Brotman’s message was aimed at business owners owing more than $100K in taxes. Although the IRS is systematic he warned that with its new influx of money and pressure from the U.S. Treasury to fill the widening $441 billion tax gap, it is far less likely to let the “big whales,“ slip through their nets .
With his many successful years of defending clients against the IRS and the state of California, Brotman decided to put on a seminar about alleviating tax debt, in a sense, performing a much needed, long-form, free public service announcement.
Using his interest in high-stakes poker as a stage, he conveyed that dealing with the IRS is not a game of luck or chance, it’s a game of skill. In this way, his “Tax Master Class,” offers learning the edge to beating the IRS at their own game.
Can Brotman Law Help Me In My Criminal Tax Case?
Criminal tax issues are often woven together with other charges. Having an understanding of the center point of the government’s investigation and whether the tax component is the steak or the side dish can have implications in most criminal tax cases from the beginning.
What Are IRS Allowable Living Expenses? [Definition & Classifications]
Although a favorite saying of IRS revenue officers is that “The IRS is not a bank” and takes collection of taxes owed seriously, the IRS is prevented from collecting assets that a person needs to survive and meet their basic living requirements.
Your Rights as a California Taxpayer
The California Department of Tax and Fee Administration (CDTFA) administers the tax program for both business and property taxes for the State of California. Business taxes include:
How to Prepare for a 1099 Independent Contractor Audit
In this article, we are going to dive into the nuts and bolts of how to really prepare for a 1099 Independent Contractor Audit and potential misclassification issues.
4 Frequently Asked Questions about California State Taxes
As a tax attorney, I get asked a lot of questions everyday regarding – you guessed it – the rather specialized world of California taxation. To be sure, some questions are asked more frequently than others. In light of this, I’ve given some thought to four frequently asked questions and hope that my answers provide you with the information that you’re interested in.
IRS Prioritizes More Delinquent, High-Income Taxpayers
Imagine yourself working as an IRS agent. Your department is in charge of identifying delinquent, high-income taxpayers who gross $200,000 or more per year in your state.