State of California Tax Return Information Do I Need to File a California State Tax Return? For all California residents, you should file state taxes IF: You are under the age of 65, and your gross income or your adjusted gross income is greater than the minimum requirement shown below: Gross Income Adjusted Gross Income…
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Small Business Tax Advice & Tips
Robert Hall & Associates accounting firm has 45 years of professional tax consulting to the small businesses of Glendale, Pasadena, Burbank, and other surrounding California cities. Get small business tax planning and preparation tips and advice to help you manage cash flow, plan for growth, assess risks, keep your books in order, and more below.
What Is the Qualified Business Income (QBI) Deduction & How Can I Get It?
What is the qualified business income (QBI) deduction? To answer your question, the qualified business income deduction allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. In simple terms, if your total taxable income in 2019 was under $160,700 for single filers or $321,400 for…
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Los Angeles, California Sales Tax Details
In 2021, sales tax rate for Los Angeles, California is 9.5%, which is the total of the state, county and city sales tax rates. As Los Angeles is based in California, food and prescription drugs are exempt from sales tax. Businesses with nexus in the state of California are required to register with the California…
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California Sales Tax Details
In the state of California, the state sales tax rate is 7.25%. This rate is made up of a base rate of 6% in addition to a mandatory local rate of 1.25% that goes directly to California city and county tax officials. Depending on local sales tax jurisdictions, the total tax rate can be as…
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5 Big Tax Deductions for California Retirees
Growing older doesn’t always have to be a bad thing; as the older you get, the more perks you can receive to help cut annual taxes. The following are the top five tax deductions for retirees in California. 1. A Higher Standard Deduction You will be able to deduct the amounts highlighted in the table…
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5 Big Self-Employment Tax Deductions for Californian’s in 2020
Whether you’re an influencer, a freelancer, contractor, graphic designer or other self-employed professional, there is a wide variety of tax deductions curated specially for you. From your home, car insurance and even retirement savings, these deductions could get you the tax break you need. Read below to find the top five self-employment tax deductions. 1….
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How to Lower Your Tax Amidst the New Tax Law
President Trump’s new tax law was meant to eliminate breaks and complicated loopholes for the wealthy, but it instead ushered in a new set of exploits for taxpayers. Many strategies rely on legislative provisions that provide incentives, such as a generous discount for owners of pass-through companies such as corporations, and a higher deduction rate…
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Five Tax Incentives and Exemptions in Los Angeles
Los Angeles is one of the most expensive cities in the world. A thriving manufacturing sector and a remarkable start-up scene contributed to the city’s high cost of living. Thankfully, the City of Los Angeles provides a number of tax exemptions and programs that can eliminate or reduce your tax liability. Take note of the…
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How to Find the Right Tax Preparer
The IRS said 60% of taxpayers are using paid preparers. You can have anyone file your tax return, but if you’re paying, you’d best be sure that he or she is registered with the IRS and has a preparer tax identification number. Based on their qualifications, these paid preparers fall into different categories. Types of…
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How Business Owners Can Lower Their Taxes
Every dime saved by a small business owner can be re-invested in his or her business. This makes the exercise of finding legitimate ways on saving on taxes a worthwhile endeavor, and even a must especially if you feel that you’re overpaying your taxes. Can taxes be overpaid? Sure. You can easily miss common deductions…
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