Estate planning is very important for people in California, no matter their age. Those who are later in life might want to consider forming an estate plan as soon as possible. People who are younger, should also form estate plans. However, one mistake people sometimes make is that they form an estate plan early in life and then simply forget about it.
Married couples who have begun the estate planning process probably already know that it is common to create complimentary wills with one’s spouse. Some people choose to create joint wills or wills that take the other’s plans into account, while others choose to keep their last will and testament confidential and separate from their spouse. There is no one right way to complete this process, it is up to the individuals to determine what makes the most sense for them.
As the calendar turned over a new page to 2014, many California residents began to get their financial records organized in order to file their federal and their state income tax returns. Every year it is very important to pay attention to various changes in tax law that could impact one’s income tax return. This year, there are a few federal tax changes that are very important, but that many might not be aware of yet.
Believe it or not, tax time is upon us once again in the state of California. While the federal IRS won't be taking 2013 income tax returns for about three weeks, the state Franchise Tax Board is now accepting them and officials are urging California residents to file right away in order to get a speedy refund.
When we take our taxes in to have them prepared by a professional, we trust that the professional’s advice will lead us in the right direction and get the best tax rates while complying fully with the law. Unfortunately in some cases it does not turn out this way, and taxpayers can end up in trouble if their trusted tax preparer takes improper deductions.
Members of the Agua Caliente Band of Cahuilla Indians are continuing to pursue litigation against the county where their reservation is located, arguing that the county is unlawfully imposing taxes on the tribe.
An American businessman best known for his creation of the popular Beanie Babies line of plush toys is facing up to five years in prison along with fines he has already paid over tax evasion allegations. Ty Inc., founder Ty Warner has asked a judge to sentence him only to probation rather than jail time, citing penalties already paid and involvement in charitable giving as factors to consider in assessing his sentence.