Yes, it is that time of year again… time for taxes. Most of us don’t like to do our taxes because we have to pay tax, but others actually look forward to this time because they will get a big tax refund. So, no matter which side of the line you happen to fall on if you live in California there are some things you need to know. If you have just moved to California then this article can definitely help you out.
CaliforniaStateTax Information: Business Owners
First of all, if you intend to sell tangible items be it online or out of a brick and mortar building you must register with the BOE (California State Board Of Equalization). Then you must report and file taxes with them every single year you do business, failing to do so can result in imprisonment and fines. They are also extremely helpful and can answer any of your tax questions like: information on what is taxable, district taxes, and more.
The EDD office administers California’s payroll taxes. This includes Unemployment Insurance, Employment Training Tax, State Disability Insurance, and Personal Income Tax withholding.
CaliforniaStateTax Information: Tax Help
Taxpayers’ Rights Advocates are available to assist all taxpayers. They can help with any questions and will provide valuable information from all three state agencies (Board of Equalization, Employment Development Department, and Franchise Tax Board) and the Internal Revenue Service. They will help anyone who has been unable to resolve issues with the IRS and can not find relief any where else.
Provide information regarding procedures relating to a particular set of circumstances,
Provide information regarding taxpayers’ rights in both the audit and collection areas, and
Offer assistance to taxpayers and agency staff to facilitate better communication between both parties and eliminate potential misunderstandings.
We all have questions from time to time, especially those who choose to file their own taxes instead of going to a certified tax preparer such as H&R; Block. If you do need extra help and have questions regarding your taxes the following are there to help you.
Tax practitioner hotline (916) 845-7057
Fax questions to (916) 845-6377
Fax questions about collection of personal income tax to (916) 845-0494
Fax questions about collection of business entity tax to (916) 845-0145
For those that want to read up on all the new laws such as:
FTB Legal Documents & Information
FTB Legislation Information
California Revenue and Tax Code
California Code of Regulations (CCR)
California Legislative Information
California Conforms to the Military Family Tax Relief Act of 2003
For all of this info you can click on each and every link and read up on the issues that pertain directly to you and you financial needs. Please go to http://www.ftb.ca.gov/law/index.html for all of the above information at your convenience.
CaliforniaStateTax Information: Conclusion
Just remember that no matter how painful it may be, you must file and do it honestly. The IRS may be slow sometimes but eventually they do catch up with you. There are several tax breaks that can make it easier on you and lower the amount you may have to pay. In order to find out more about these you should go to a tax preparer so that you can cut down your payment to the smallest amount possible.
This also applies on the flip side of the proverbial coin… those who are receiving a refund can optimize the check they end up getting. You would be surprise at how many tax breaks can be applied to your life and increase the amount you get back.
