Estate planning is an essential process for individuals and families in Roseville, CA, and Placer County, ensuring that assets are properly distributed and protected. One of the most common questions we receive is: Are attorney fees for estate planning tax deductible? Understanding the tax implications of estate planning can help you make informed financial decisions. Below, we break down whether estate planning attorney fees qualify for tax deductions and explore tax strateg

Most California residents are required to file their personal federal income tax returns by the middle of April each year. The deadline to file is pushed back by six months if requested extension requests are approved. You may experience many negative consequences if you fail to file by the deadline or fail to file at all. The consequences of not filing a return The IRS will charge a failure to file penalty equal to 5% of what you owe in the tax year that you didn’t file a re

When you have been given a generous gift, there are often tax repercussions to consider. It is noteworthy to point out that Gift Tax applies to the giver, not the receiver. A donation, or present, valued at over $15,000 requires a Gift Tax Return, according to current tax regulations. To ensure proper tax planning, be sure to consult with an experienced Roseville tax return attorney today. An Overview of Gift Tax in California You can give $15,000 to as many people as you wan

It is never too early to begin preparing your finances to file your taxes. Filing your taxes can be a time-consuming and stressful process, but it is best to prepare early to avoid any surprises later. Additionally, if you prepare your taxes early, you will be able to file quickly once the 2019 tax season begins – and you may receive your tax refund earlier than others. If you or a family member needs assistance with filing 2019 taxes, which are impacted by the Tax Cuts and J

Remaining compliant with California’s self-employment tax can be a burdensome process. You must understand what qualifies as a self-employed individual, and you also have to know the appropriate amount of taxes that you must pay. While employees at a California-based business will have their taxes automatically deducted from their earnings, a self-employed individual must remain diligent when calculating taxes to avoid drawing the ire of the Internal Revenue Service. If you r

Self-employed workers experience a wide range of freedom. However, with that freedom comes various tax obligations that a self-employed individual must handle. For example, self-employed workers are responsible for calculating the amount of their quarterly Social Security and Medicare taxes. Additionally, there are new tax regulations for 2019 that will alter self-employed workers operate. If you need assistance handling your tax obligations as a self-employed worker, you sho

Every year, most U.S. citizens must file income tax returns. Federal and state authorities set forth specific laws and regulations pertaining to income tax reporting. The Internal Revenue Service (IRS) is known for being particularly strict when it comes to enforcing tax laws, such as the requirement to file a timely return. Failing to comply with the rules enforced by the IRS could result in severe consequences. The best way to avoid problems with the IRS is to file complete

If you have unfiled tax returns, it is wise to file them as soon as possible. Filing a late tax return can not only result in losing out on a refund, but the Internal Revenue Service (IRS) may choose to pursue you for money owed on unpaid taxes. Under serious circumstances, the IRS may consider referring your case to the Justice Department for prosecution. If you are concerned about the tax implications of your unfiled returns, you should consult with an experienced Roseville

Owning and operating a business is a task that requires a person’s undivided attention. A business owner has to be concerned about various issues from keeping their inventory well-stocked to ensuring that payments from clients are timely paid. Even with all of these obligations, it is still extremely important that a self-employed person files their self-employment taxes. If you require assistance filing your self-employment taxes, you should consult with an experienced Rosev

If you are an Airbnb host in California, you should be fully aware of any tax requirements that have been placed on the corporation’s operations. For example, if you are hosting a property in a certain part of California, you must know the transient occupancy tax rate that you are required to charge visitors. Failure to follow these regulations could lead to tax issues down the line. If you need assistance handling your tax liability as an Airbnb host, you should consult with

Rental property owners have a lot of flexibility when it comes to leasing their property. However, they must also remember to stay on top of their taxes. For example, failing to report rental income on your tax return can result in a hefty tax bill later on. While managing taxes as a new landlord can be frustrating, you should not become discouraged. If you are having difficulty managing your tax liability as a landlord, you should consult with an experienced Sacramento tax l

You may think everything in your finances is under control. However, this may not always be the case, especially when you are behind on your taxes and have the Internal Revenue Service (IRS) breathing down your neck. The bottom line is nobody wants to deal with the IRS. There are many elements in your finances you can manage and control. However, tax law is a complicated world, often requiring the expertise of a tax attorney who knows the ins and outs of the ever-changing Tax

If you need to report income that was not derived from your place of employment, you need to use a 1099-MISC form. Some employers might fail to issue a 1099-MISC even if it was necessary to issue the form. Do not assume that you do not have to file a 1099-MISC. If your employer did not issue you a 1099-MISC, you should consult with an experienced Roseville tax return attorney today. The NewPoint Law Group, LLP understands the complexity of IRS tax rules and is prepared to hel

Millions of Americans have strayed from professional tax services and begun preparing their own tax returns. Taxpayers are turning more and more frequently to online software like TurboTax, TaxAct, and TaxSlayer, often to avoid the expense or hassle of hiring a certified public accountant. These services are quick, easy to use, and totally safe—or so they say. Taxpayers should keep in mind that tax season is one of the most popular times for people to fall victim to scams. As

For those unfamiliar with accountancy, taxation, and the law, there is often a bit of confusion when considering who to go to with financial or tax problems. In many cases, the roles these individuals can play overlap – but in many areas, these professionals have distinct roles. In some cases, there may even be clear factors that, if you were unaware of them, could cause you serious problems. The Roseville, CA tax lawyers at The NewPoint Law Group, LLP explain some of the dif

When you take a job, especially a job as a household employee, it may not be clear whether you are an “employee” or an “independent contractor.” An employee usually has taxes withheld by their employer, receives a regular paycheck, and gets a W-2 at the end of the tax year. An independent contractor is like a one-person business, and is paid based on contracted work, receiving a 1099 at the end of tax season. However, there are situations where being an employee instead of an

You can face many burdens when trying to file your tax returns. Events may occur in your life that are unpredictable and that further strain your ability to file on time. Fortunately, your ability to receive a tax refund is not eliminated if you file a late tax late in 2018. If you need advice concerning a late tax filing, you should speak with an experienced Roseville tax attorney. The NewPoint Law Group, LLP is here to discuss how to receive a tax return if you file your ta

Filing your taxes can be a complicated process. There are all kinds of laws and tax forms you need to be aware of as a taxpayer to make the most out of your filing. Sometimes dealing with all those documents can be stressful and you may need to file an extension. Of course, there are also other reasons to file an extension. If you need to make a late tax filing in California, you should speak to a Roseville tax lawyer immediately. The attorneys of NewPoint Law Group, LLP are

As summer comes to a close, we are quickly reminded that there is not much time left in the calendar year, and that tax season may be upon us sooner than we expect. Now is as good a time as any to start thinking about your taxes, planning when you will do them, and learning about what you need to successfully file your federal and state taxes in California. To help ensure your taxes are correct and accurate, consider some of these common mistakes people make when filing their

If you didn’t file taxes for a previous year, file them now. Unfiled taxes can mean serious penalties, which stack up over time. Even if it’s been a few years, there is still a chance that the unfiled taxes could mean penalties or even criminal charges for willful failure to file. If you are behind on your taxes, talk to a Roseville tax attorney to see what you can do to repair your tax situation and get your taxes paid. The Roseville tax attorneys at NewPoint Law Group, LLP