Withum
AUGUST 24, 2023
The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.
MyIRSRelief
OCTOBER 3, 2022
According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. This is the total of state and county sales tax rates. The California state sales tax rate is currently 6%.
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CPA Practice
JANUARY 16, 2024
The package would not raise the $10,000 cap on state and local income tax deductions, which could undermine support among lawmakers from high-tax, high-cost-of-living states, such as California, New York and New Jersey. They estimated ending the program would offset more than $70 billion of the package’s cost.
Withum
FEBRUARY 29, 2024
However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.
CTP
DECEMBER 14, 2022
Tax professionals today need to be prepared to incorporate real estate income into their clients’ tax plans. More and more Americans are starting to use their properties as a primary or secondary income source, yet many taxpayers are not prepared for the tax consequences when they decide to sell that property.
Withum
FEBRUARY 29, 2024
However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.
CPA Practice
JUNE 5, 2023
But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.
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