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...
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…
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…
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…
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…
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…
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…
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…
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,…
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…