When you sell a business or investment property for a profit, you generally owe taxes at the time of the sale. There is no exemption amount similar to the sale of a homestead.
Did you file your business state income tax return for 2013? If not, expect a letter from the Franchise Tax Board soon.
Recently, we discussed tax and employment liability concerns that come up when employers misclassify workers. What do small and mid-size employers need to consider when bringing on additional staff?
One year after the Foreign Account Tax Compliance Act formally went into effect taxpayers continue to struggle with questions.
Companies have been shifting employees to independent contractors, but the practice has recently come under greater scrutiny by state and federal agencies. Uber is challenging a California decision. FedEx has taken a different route and settled a large lawsuit in California, but is fighting misclassification cases in other states.
During the summer, many students work seasonal jobs as swim class instructors, lifeguards or interns in a family business. For many it may be their first lesson in paying federal and California taxes.
Who needs to file by the deadline? Most U.S. citizens and resident aliens living overseas must file a return. Even though the filing date for taxpayers living abroad is June 15, if taxes were owed the amount was due on April 15. Interest starts accumulating on any tax debt from the April 15 due date.
The answer will depend on a number of factors. We will cover some of the basics in this post.
The inflation-adjusted health savings account deduction next year is $3,350 for self-only and $6,750 with family coverage. As employers scale back health insurance coverage, the HSA is a common feature of high deductible health plans – for example, family coverage with a deductible more than $2,600.
When we write about tax audits on this blog, it is usually in the context of income tax audits. That is of course an important topic, with a cluster of components and subtopics that we continue to explore.