While many people envision San Francisco as a primary destination for tech companies and one of America's most thriving metropolitan areas, this wasn't necessarily the case just a few years ago. Indeed, during the height of the recent recession the city saw an unemployment rate close to 10 percent.
California's 2016 ballot is shaping up to be very interesting, as voters will be asked to decide everything from whether proposed legislation should be published online for at least 72 hours before state lawmakers can vote to whether to legalize the sale and use of marijuana for recreational purposes.
Possible tax deductions can arise in relation to a wide range of different activities. This includes activities related to real estate. One real-estate-related action a person may be able to claim tax deductions in connection to is the selling of their home.
If you currently live in California but used to live in another state, you may have noticed that taxes tend to be higher here. We get a lot of great services for that money, but paying state taxes can be expensive. So much so, in fact, that some people contemplate a strategic out-of-state move to avoid the higher tax rates - especially if they know they'll soon be coming in to some money (selling a business, selling real estate, settling litigation, etc).
We have previously written about the complicated and ever-changing tax laws in the United States. And while Congressional politicians complain the most about taxes and the IRS, they are largely to blame for the state of our tax code. According to Forbes, some 66 major tax laws have been passed by Congress since 1960 - more than one per year.
If you have filed California taxes using CalFile (or its predecessor ReadyReturn), you probably appreciated the convenience of what's known as return-free filing. Simply put, your tax information pre-populates into the return for you, to be submitted as is or amended.
If you are young and feel completely in the dark about taxes, you are not alone. Each generation struggles to become financially literate once they leave school and enter the workforce. And as time goes on, the U.S. tax code becomes ever longer and more complicated.
Last week, we wrote that IRS-related tax scams have risen by 400 percent this year. In response to the high rate of scammers claiming to represent the IRS, the real IRS has been trying to educate the public about what the agency's actual protocols are for collecting tax debt.
Earlier this month, we wrote about some of the weirder sources of income that all of us are technically supposed to report to the IRS. Naturally, it is frustrating to learn that your tax liabilities could be even higher than they already are (even if most of the aforementioned reporting requirements cannot really be enforced).
Federal tax returns are due in about two months. If you work a job that takes care of income withholding throughout the year, chances are good that your taxes will not be very complicated. If you are an independent contractor or run your own business, however, filing a return can be more of a headache.