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The right of a creditor to reach community property in satisfaction of a debt or other obligation incurred by one or both of the spouses also varies from state to state. [citation needed] Community property has certain federal tax implications, which the Internal Revenue Service discusses in its Publication 555. [20]
California's voters would approve higher income and capital gains tax rates on the state's wealthiest residents to increase K-12 school funding in subsequent years: voters approved tax increases with Proposition 30 in 2012 (which was extended to 2030 with 2016 California Proposition 55), raising tax rates on income and capital gains over ...
Examples where the reduction or repeal of a Mello-Roos tax on services may be appropriate include where voters desire to eliminate or reduce a public service currently provided by a local government, where voters believe certain public services currently provided by a local government can be more cost-effectively delivered by the private sector ...
California now has 11% tax on gun and ammunition due to new law. Here’s what to know Assembly Bill 1013 requires California bars and nightclubs serving alcohol to offer test kits for date rape ...
On the state level, you may be able to deduct the value of that employer-provided insurance for domestic partners, according to the Franchise Tax Board and San Francisco Health Service System.
Tax debt relief is a way the government helps you when you can’t afford to pay your tax bill. This comes in the form of a payment plan or a settlement in which the IRS agrees to settle your tax ...
Tax consequences — Another common objection to debt settlement is that debtors whose debts are partially canceled outside the bankruptcy system will need to report the canceled portion of the debt as taxable income. (IRS Publication Form 982) The Internal Revenue Service (IRS) considers any amount of forgiven debt as taxable income. Under the ...
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.