Categories: California Tax Law
There’s always something very exciting when you hear you’ll be receiving a bonus from your employer. However, that excitement can often lead to disappointment when you realize you not only have to pay taxes on the bonus, but oftentimes, it’s more tax than expected. Additionally, the tax rates can vary by state. Let’s look at...
Categories: Federal Tax
Does Prize Money get Taxed? *The following article was updated in February 2022* A common question people have about taxes is whether prize money is considered taxable income. And further, whether athletes pay tax on prize money. Here’s a look at how the IRS and the state of California classify prize money when it comes...
Categories: Federal Tax
Help! What Do I Do If the IRS is Auditing Me for Underreported My Income? *The following article was updated in February 2022* Tax season is officially upon us! It’s this time of year that I often receive panicked questions from clients telling me they’re being audited by the Internal Revenue Service (IRS) because they...
Categories: Federal Tax
Eligibility for Coronavirus Tax Relief Coronavirus (COVID-19) is affecting every person, from the economy, to business, health and social practices. Tax season is also affected with filing and payment deadlines being delayed federally and in many states. The federal government has authorized monetary help in the form of the $2 trillion Coronavirus Aid, Relief, and...
Categories: California Tax Law
Coronavirus (COVID-19): How It Affects Taxes Everyone is affected by the Coronavirus (COVID-19) pandemic in this very uncertain time. From social distancing to quarantined living, our daily lives have changed for the foreseeable future. Tax season is also affected with filing and payment deadlines being delayed federally and in many states. Here’s a look at...
Categories: Federal Tax
I had a client call yesterday who hadn’t filed a business tax return for three years, and hadn’t filed his individual tax return for three years. This becomes overwhelming to people. What do you do? What’s the next step? The most important thing is to take a deep breath; you’re going to be fine. We’re...
Categories: Federal Tax
I Haven’t Filed My Tax Returns and the IRS is Coming After Me For many individuals, April 15 tends to be as big of a day on the calendar as New Year’s Day or Independence Day. The national tax filing deadline means that your taxes must be filed and fees paid on or by April...
Categories: Federal Tax
I Owe the IRS Money and Need a Payment Plan Tax season is upon us, and there are few things that create more stress than owing the Internal Revenue Services (IRS) money. Unfortunately for many taxpayers, owing money on taxes is a reality of life. But what happens when you owe the IRS money, but...
Categories: Federal Tax
Are You Aware of Changes to Your Online Sales Tax? There’s been a change in how states are collecting sales tax from online purchases. If you’re a taxpayer and have ordered anything online – which is pretty much all of us – then you need to be aware of this sales tax law and how...
