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What is RDP in Taxes?
RDP is a Registered Domestic Partner. If you are a Registered Domestic Partner, the IRS does not recognize this partnership as a marriage. In California, RDPs have to file their federal and state tax returns separately. RDP couples have to file tax returns as "Single" or "Head...
What Happens if You Marry Someone Who Owes Back Taxes?
If you are married or marry someone who owes back taxes, you are not liable for the debt. The IRS provides relief options for those who file jointly and individually. If your spouse owes back taxes, filing Form 8379 allows you to keep your refund. A tax professional will be...
How To Grieve Taxes
Researching your property’s fair market value is the first step towards determining how to grieve taxes. From there you will need to file a petition with the municipality, write a letter of support and provide supporting documentation. A tax grievance takes place when a...
Why Do I Owe State Taxes but Not Federal?
As most tax filers know, the annual tax season is a time of surprises. On rare occasions, the surprises are pleasant, and we owe less than we thought or will be getting a larger refund than we expected. However, most of the surprises we get during tax season are of the bad...
What Home Improvements Increase Property Taxes in California?
If you live in California, you may be wondering what home improvements increase property taxes there. The short answer is that property taxes can increase when homes are sold or new construction takes place. Home improvements are considered new construction when they...
What Taxes Do Businesses Pay In Nevada
Businesses operating in Nevada which exceed the $4 million revenue threshold are required to file the Commerce Tax return, a privilege tax similar to franchise tax. Nevada is one of nine states in the United States that does not have state income tax. Instead, they rely on the...
How To Calculate Property Taxes In California
Property taxes in California are calculated by the state-approved 1-percent rate, Mello-Roos taxes, parcel taxes, and any additional local government taxes and levies. Property taxes in California have become an enigma to taxpayers. Everyone in California has heard of...
What Happens If You Don’t Pay California Franchise Tax?
California Franchise Tax is the annual tax for conducting business in California. For noncorporate entities, it is a flat fee of $800. For corporate entities, the fee is a minimum of $800. Failure to pay the franchise tax will result in a minimum penalty of 5% and a maximum...
What Are Deferred Income Taxes?
Deferred income tax is a liability owed by a company or individual which must be paid at a later time. A prime example of this is 401(k) retirement where an individual may contribute part of their earnings pre-tax directly to their retirement with the understanding they will be...
What are Rollback Taxes?
A rollback tax is collected when properties change from agricultural to commercial or residential use. They are based on the difference between the tax paid and the tax that would have been paid if an agricultural use exemption had not been granted. In the United States, the...