What are Estimated Tax Payments and Why Do I Have to Pay Them?
One of the most disliked parts of the US taxation system is the need to pay Estimated Taxes — it is often a large check and by writing it, you realize just how much the government is taking in taxes... Read More →
Franchise Tax Board delayed in processing June 2019 payments
July 12, 2019 Franchise Tax Board Late Arrival of Some June Payments Due to a significant delay at the Post Office, some June payments arrived via mail up to a month late at the Franchise Tax Board. However, these payments... Read More →
Tips and Tricks to becoming a “saver”
In our tax practice we are constantly talking about saving. Saving for college (529 plan), saving for retirement (IRA), saving to pay for medical expenses (HSA), saving to pay for childcare (FSA), saving to pay property taxes (impound account), saving... Read More →
Despite a smaller refund, you may be a winner of the new tax law
Did your refund go down this year? If yes, you may think that you are paying more in taxes, but your refund is not the right measure to use to see if you are a winner or loser in the new... Read More →
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
IR-2019-03, January 16, 2019 WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for... Read More →
How do tax brackets really work?
Clients often tell me that they don’t want to make more money because they don’t want to go into the next tax bracket. They are often surprised when I tell them not to worry about that and make as much... Read More →
Administrative Dissolution for California LLC’s and Corporations is Here!
Beginning January 1, 2019, eligible California domestic corporations and domestic Limited Liability Companies (LLCs) that have ceased doing business and have no assets may be eligible for administrative dissolution/cancellation under recently enacted AB 2503. The bill provides two options for... Read More →
Franchise Tax Board to Remind Entities What Estimates They Paid
Beginning early 2019, the California Franchise Tax Board will be providing business entities, including corporations, LLC’s, and exempt organizations with a summary of their 2018 tax year estimated payment information. This is part of a pilot project to proactively address... Read More →
The “new” Form W4 withholding form couldn’t be worse
The IRS recently unveiled it’s Draft W4 form to help taxpayers calculate the proper withholding on their paychecks. Gone is the time-honored technique of counting noses in your family and using that as the first stab at proper withholding. The Draft... Read More →
Your ability to buy online and avoid sales tax is coming to an end
Your ability to buy online and avoid sales tax is coming to an end. In a 5-4 decision today, the US Supreme Court says that states can demand sales tax from all retailers — those with physical storefronts AND those that... Read More →