Super Tuesday: Tax Plans for All 5 Democratic Presidential Candidates
By Rocky Mengle, Tax Editor | June 25, 2019 Updated March 2, 2020 When it comes to taxes, here’s what all 5 of the remaining Democratic primary challengers (in alphabetical order) are proposing. Bernie Sanders HOME STATE: Vermont AGE: 78 HIGHEST OFFICE: U.S. Senator As president, Sen. Bernie Sanders would push an ambitious progressive agenda that includes health […]
Tax Breaks and Deductions for the Self-Employed / Small Businesses
You’re pursuing a dream? You’re tired of your boss? You need more flexibility in your life? No matter what your reason is for quitting your old job and ventured out on your own, hanging out a shingle can be scary. The success of your business is in your hands when you’re self-employed, so you need […]
How Tax Friendly is Our Golden State?
California The “tax-friendliness” of a state depends on the sum of income, sales and property tax paid by our sample filers. The Golden State’s reputation as a high-tax destination is built in part on how aggressively it goes after big earners, with a 13.3% tax rate that kicks in at $1 million (for single filers) […]
2020 Tax Calendar:
IRS Tax Due Dates and Deadlines Know the tax deadlines that apply to you to avoid any IRS penalties or miss out on a valuable tax break. The IRS hits you hard with penalties and interest if you miss a tax deadline. For instance, the standard penalty for failing to file your annual tax return […]
Small Business Income Tax Preparation – Guide to File Schedule Form C
The information provided in this article is for small business owners filing income tax returns on Schedule C with their personal tax return (Form 1040). It includes sole proprietors and single-member LLC, owners. Preparing and filing taxes is an overwhelming task. Many small business owners struggle to understand how their tax liability is determined. They […]
Self Employment Tax Deductions – Benefits of Being Self Employed
Paying taxes is overwhelming and a cumbersome task. If you are self-employed, then tax filing gets even more complicated. Fortunately, there are a number of self-employment tax deductions that you can claim to reduce the amount of taxes you owe in federal income taxes. Most people are more than happy with working for other people. […]
How Is Rental Income Taxed in California?
If you are someone who owns rental property in California that has tenants who pay you rent, then it is crucial that you declare any rental income that you gain from that property. You can declare your rental income by including it in your tax return. You can also include any expenses incurred due to […]
10 Income Tax Deductions You Can Claim for Tax Year 2018
When it comes to filing taxes, you try to identify every possible tax deduction that can help you save more money or maximize your tax refund. Taxes can sometimes be very complicated. If you run a business, no matter big or small, make investments in shares/dividends or own a property, it is better to contact […]