Category Archives: California

California Tax Revenues Lag

Posted on April 26, 2012 by Russ

In what is, for me, the biggest non-surprise, California looks to be facing a $9 billion deficit. Reports are that income tax collections in April have severely lagged behind estimates. Given that the economy remains in the doldrums, only bureaucrats … Continue reading →

Posted in California | Comments Off on California Tax Revenues Lag

Best States for Entrepreneurs: South Dakota, Texas, and Nevada Lead the Way

Posted on April 22, 2012 by Russ

The Small Business & Entrepreneurship Council released last Monday their 2012 Business Tax Index. There aren’t many surprises when you look at the list of best and worst (at least, for regular readers of this blog). The top seven states … Continue reading →

Posted in California, Michigan, Minnesota, Nevada, South Dakota | Tagged | Comments Off on Best States for Entrepreneurs: South Dakota, Texas, and Nevada Lead the Way

California Property Tax Payments Due

Posted on April 8, 2012 by Russ

The second half of California property tax payments are due on Tuesday, April 10th. That’s a postmark deadline (US postmarks only). Your local assessor may also accept online payments, but it is time for you to make those property tax … Continue reading →

Posted in California | Comments Off on California Property Tax Payments Due

Bozo Tax Tip #6: Nevada Corporations

Posted on April 5, 2012 by Russ

A repeat for the fifth year follows, but it’s one again getting a lot of play due to business conditions in California. While I’m focusing on California and Nevada, the principle applies to any pair of states. Nevada is doing … Continue reading →

Posted in California, Nevada | Tagged | Comments Off on Bozo Tax Tip #6: Nevada Corporations

What’s $146.3 Million Among Friends?

Posted on March 15, 2012 by Russ

I can answer that question! $146.3 million is the additional amount of tax collections that California projected but did not receive in February. What’s worse is that the shortfall in the fiscal year-to-date is $1.3 billion. I’ve been preparing plenty … Continue reading →

Posted in California | Comments Off on What’s $146.3 Million Among Friends?

I Was #254

Posted on March 14, 2012 by Russ

Investors Business Daily has an article today on the Sick Man of America: California: In 2011, more businesses (254) quit California than the year before (202), which was a high-water mark over 2009 (51). Last year, roughly five businesses left … Continue reading →

Posted in California, Nevada | Comments Off on I Was #254

Mailbag Update

Posted on March 13, 2012 by Russ

We get mail: I got married last June and my wife says we need to file as single because we weren’t married for the whole year. Can you set her straight? Your marital status on December 31st is your marital … Continue reading →

Posted in California, Gambling, IRS, New York | Tagged | Comments Off on Mailbag Update

California Doesn’t Conform on Self-Employment Tax Deduction Change

Posted on March 4, 2012 by Russ

Yet another California non-conformity issue has reared its head. Those of us who are self-employed must pay self-employment tax on their self-employment earnings. The self-employed get to deduct 50% of that on line 27 of Form 1040. In 2011 the … Continue reading →

Posted in California | Tagged , | 2 Comments

BOE Updates Top 500 Sales & Use Tax Delinquents in California

Posted on March 4, 2012 by Russ

A few years ago, the California Legislature passed a bill requiring the Board of Equalization (California’s sales tax agency) to publish a list of the top 500 deadbeats each quarter. That list has just been updated. On top of the … Continue reading →

Posted in California, Sales Tax | Tagged | Comments Off on BOE Updates Top 500 Sales & Use Tax Delinquents in California

Pensions for All? California Legislator Introduces Mandatory Pension Bill

Posted on February 26, 2012 by Russ

Every time I think the Bronze Golden State has reached a new low, I have to remember that I should never overestimate the intelligence of the California legislature. Kevin De Leon (D-Los Angeles) has introduced a bill that requires any … Continue reading →

Posted in California, Pensions | Comments Off on Pensions for All? California Legislator Introduces Mandatory Pension Bill