NewPoint Law Group

If you operate a restaurant or similar business where it is customary for employees to collect tips, it is important to note whether you have to pay taxes on those tips. Employers that do not accurately report income from tips may open themselves to several tax penalties. If you require assistance managing employee tips for your business, you should contact an experienced [ 726 more words ] http://newpointlaw.com/do-employers-california-have-report/

If you have unfiled tax returns, it is wise to file them as soon as possible. Filing a late tax return can not only result in losing out on a refund, but the Internal Revenue Service (IRS) may choose to pursue you for money owed on unpaid taxes. Under serious circumstances, the IRS may consider referring your case to the Justice Department for prosecution. [ 839 more words ] http://newpointlaw.com/statute-limitations-unfiled-tax-ret/

For employers in California, failing to report income that was earned under the table could result in serious penalties. Some employers may believe that since income was earned in cash or in a form that cannot be readily tracked that would exempt them from paying taxes, it does not. If you are an employer in California and want to learn about the tax implications of under the table income, you should consult with an experienced [ 705 more words ] http://newpointlaw.com/do-employers-report-under-table-inc/

If you need to report income that was not derived from your place of employment, you need to use a 1099-MISC form. Some employers might fail to issue a 1099-MISC even if it was necessary to issue the form. Do not assume that you do not have to file a 1099-MISC. If your employer did not issue you a 1099-MISC, you should consult with an experienced [ 735 more words ] http://newpointlaw.com/what-to-do-didnt-receive-1099-misc-/

Remaining compliant with California’s self-employment tax can be a burdensome process. You must understand what qualifies as a self-employed individual, and you also have to know the appropriate amount of taxes that you must pay. While employees at a California-based business will have their taxes automatically deducted from their earnings, a self-employed individual must remain diligent when calculating taxes to avoid drawing the ire of the Internal Revenue Service. [ 711 more words ] http://newpointlaw.com/calculate-self-employment-tax-calif/

Self-employed workers experience a wide range of freedom. However, with that freedom comes various tax obligations that a self-employed individual must handle. For example, self-employed workers are responsible for calculating the amount of their quarterly Social Security and Medicare taxes. Additionally, there are new tax regulations for 2019 that will alter self-employed workers operate. If you need assistance handling your tax obligations as a self-employed worker, you should consult with an experienced [ 717 more words ] http://newpointlaw.com/tax-requirements-self-employed-work/

Rental property owners have a lot of flexibility when it comes to leasing their property. However, they must also remember to stay on top of their taxes. For example, failing to report rental income on your tax return can result in a hefty tax bill later on. While managing taxes as a new landlord can be frustrating, you should not become discouraged. [ 720 more words ] http://newpointlaw.com/tax-requirements-california-rental-/

If you are an Airbnb host in California, you should be fully aware of any tax requirements that have been placed on the corporation’s operations. For example, if you are hosting a property in a certain part of California, you must know the transient occupancy tax rate that you are required to charge visitors. Failure to follow these regulations could lead to tax issues down the line. [ 712 more words ] http://newpointlaw.com/tax-requirements-airbnb-hosts-calif/

Rental property owners must keep detailed records of their income and expenses when renting to guests. This should include amounts paid for rent and any expenses that could affect your tax liability. Understanding all your tax obligations with a rental property can be complex but also rewarding. If you need assistance managing your tax liability as a rental property owner, you should consult with an experienced Sacramento and Roseville tax lawyer. [ 976 more words ] http://newpointlaw.com/sacramento-tax-lawyer-rental-proper/

Tax brackets and tax rates are often discussed together, which can cause confusion for taxpayers. How do they differ, how are they related, and why are they important in the first place? Our Sacramento tax attorneys answer all of those questions in this article, while providing some key information about the differences between California’s tax system and the federal tax system. [ 651 more words ] http://newpointlaw.com/understanding-tax-bracket-rates-cal/

It is never too early to begin preparing your finances to file your taxes. Filing your taxes can be a time-consuming and stressful process, but it is best to prepare early to avoid any surprises later. Additionally, if you prepare your taxes early, you will be able to file quickly once the 2019 tax season begins and you may receive your tax refund earlier than others. [ 704 more words ] http://newpointlaw.com/when-begin-filing-2019-taxes-califo/

Every year, most U.S. citizens must file income tax returns. Federal and state authorities set forth specific laws and regulations pertaining to income tax reporting. The Internal Revenue Service (IRS) is known for being particularly strict when it comes to enforcing tax laws, such as the requirement to file a timely return. Failing to comply with the rules enforced by the IRS could result in severe consequences. [ 785 more words ] http://newpointlaw.com/missed-april-17-2018-tax-deadline-c/

With some exceptions, U.S. citizens must generally file tax returns and pay taxes. Nevertheless, sometimes through no fault of your own, you may be unable to pay the taxes owed. An unexpected accident, loss of a job, or an illness can place an individual under heavy financial duress. If you are facing financial difficulties and owe unpaid tax debts to the Internal Revenue Service (IRS), there may be options available to reduce what you owe or make payments more manageable. [ 733 more words ] http://newpointlaw.com/set-up-payment-plan-irs-california/