for questions that relate to the laws, practices, and products for the state of California. California is a state within the 50 state union of the United States.

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3
votes
3answers
196 views

How much does a landlord pay in taxes?

I live in California, and am considering buying a house in Vancouver, WA, to rent it out to friends. What I don't know, and seem to have trouble finding the answer to, is: how much taxes would I pay ...
1
vote
4answers
70 views

Property tax rate disconnect

I live in Santa Clara County, California and I have been shopping for a mortgage for a home purchase in this county. I am repeatedly told by every bank that the tax rate is 1.25% of the home ...
1
vote
1answer
101 views

How to claim an unemployment benefit?

I'm trying to understand the scenario and answer a question about unemployment benefits. If an employee is in Virginia and his company is in California, from which state will he claim the ...
4
votes
1answer
77 views

My tax deductions are different from last year

I am working in a company for my summer internship in California, and today I noticed a weird point that raised a question: Last summer I was working in a big tech company in California. While the ...
3
votes
2answers
99 views

Negotiating rent at lease renewal

I'm renting an apartment in Mountain View, CA. My lease will be up for renewal in about 7-8 weeks. My landlord has not sent me a renewal notice yet, and when I called asking about it I was told that ...
-2
votes
1answer
82 views

Any tax advantage for registering a residential house as a business? (I want to apply legal pressure to my landlord)

I am just wondering what the tax pros and cons are for listing what should be a residential house as a business in California. The place I was living at was officially registered as a business for my ...
34
votes
6answers
5k views

How does 'upgrading' from one house to another work?

Consider this scenario. For a given neighborhood, a small house is $100K. A big house is $150K. For simplicity, assume that you purchase the small house with all cash. 5 years later, it is now worth ...
4
votes
2answers
188 views

At what point is the contents of a trust considered to be the property of the beneficiary?

My grandmother passed away several years ago, and left a generous trust fund to her 5 grand children. We can access our share of the money when either of the following two conditions are met: We ...
0
votes
1answer
27 views

Canadian in California - filing taxes as a non-resident

I moved to the US from Canada end of November 2015 for a new job (about 35 days in 2015 with new job). Haven't worked in the US before and have only visited maybe 40 days over the last 3 years purely ...
3
votes
0answers
26 views

Risks of initiating Voluntary Classification Settlement Program?

I just found that it is illegal for Employer to give form 1099 to workers who could potentially be classified as Employees. Also, Employer can end up being punished with imprisonment and/or heavy ...
1
vote
2answers
207 views

Why ADP does not accurately withhold state and federal income tax (even if W4 is correct)?

Back in 2014 and 2015 I had W-4 on file with my employer where I claimed only one exemption (myself). However, I always ended up owing federal tax and getting CA state refund. Last year I also ended ...
3
votes
1answer
109 views

Overpay state income tax this year to offset federal taxable income to the next year?

This year (2016) I am a waged employee and will earn something close to $100K. Next year (2017) I don't plan to work at all so my projected income for 2017 would be $0. Since the state tax that I ...
7
votes
1answer
182 views

Am I required by law to have cash register for my small business (California)?

We have a Point of Sales terminal to handle all credit card transactions. The credit card processor company sends us 1099K form that we use for tax purposes. This works fine for our small beauty salon....
3
votes
1answer
33 views

How to chose EA or CPA to represent me in FTB audit (small business)?

I am considering to hire a EA or CPA to represent my small business during FTB audit. So what exactly to look for when hiring someone that would represent you in FTB case? Some criteria that comes ...
2
votes
1answer
43 views

FTB sent refund check for 2011 during audit; Does this really mean that whole audit is over for 2011?

Our business was under audit by FTB for Tax Year 2011. Few months ago we sent them corrected Tax return for Tax Year 2011. And, finally, yesterday we received check with refund. The refund is less ...
2
votes
0answers
48 views

If my business is under FTB audit, can I close my old bank account?

We plan to switch from Bank A to Bank B and we are currently under Franchise Tax Board audit. We also recently realized that account in Bank A is with outdated EIN that we forgot to update to SSN when ...
2
votes
1answer
45 views

Forgot to issue 1099-MISC form. Will FTB (or IRS) take away my business tax deductions?

I recently found out that as a business owner I had to issue form 1099-MISC to independent contractors, like, plumber who once fixed sink in our salon. Also, apparently I had to issue 1099-MISC ...
0
votes
0answers
53 views

US Banking Rules regarding endorsements of non-government checks?

The issue is that only one of three payees on a non-governmental check endorsed the check. The check was subsequently deposited by the one party endorsing the check. An insurance check made out to ...
0
votes
1answer
36 views

How to find a business consultant that would ensure that all your business activities are legal and compliant with all regulations?

I have been helping a friend of mine who is owner of a small Beauty Salon. In the last year I have been helping her with so many legal-related things that it is taking too much of my time and I want ...
2
votes
1answer
92 views

Forgot to renew Fictitious Name application within the county. What is the penalty for late filing?

I just found out that, if you are doing business in California and the name of the business does not include your last name, then you have to file Fictitious Name Statement. My friend did this almost ...
0
votes
1answer
61 views

How FTB and IRS find mistakes in amended tax returns? Are their processes reliable?

I helped my friend to fix her 2011 Tax Return. She initially incorrectly filed form 568 (LLC) for her business that was actually operating under General Partnership structure. After FTB received the ...
7
votes
1answer
186 views

If I helped my friend to file taxes; can I represent her on a phone call with FTB?

I helped my friend to amend taxes. However, Franchise Tax Board is still not satisfied - they expect that on form 565 box 24 we should pay $800 annual fee for her General Partnership. General ...
0
votes
2answers
158 views

Ex Spouse selling home to me for less

Can my ex-spouse sell his home to me for much less than market value? Say it's value is $500,000, but he sells to me for $350,000. Will a bank lend the 80% on this? Nothing wrong with the house. I was ...
1
vote
1answer
37 views

What kind of expectations can I have for summer place rental in California and how can I save as much as possible? [closed]

I'm going to intern in Bay Are this summer, in Mountain View. As far as I can tell, everyone is talking about renting an apartment on airbnb.com, but most of my peers expect way cheaper prices than ...
0
votes
2answers
76 views

I moved from TN to CA in late July 2015. Do I owe CA state income tax on income I earned while living/working in TN?

I lived and worked in Tennessee until late July 2015. Tennessee has NO state income tax. I moved to California (which has a hefty state income tax) and then began a new job. I was told that I would ...
-1
votes
1answer
134 views

Proper etiquette for loans from friends [closed]

I'm not sure that there is a universally accepted "proper etiquette" when it comes to repaying a loan from a friend, but I feel it necessary to be absolutely fair in respect of the time value of money;...
1
vote
1answer
169 views

14-week internship in California: do I need to fill some income tax return form there?

I live in Massachusetts, USA, as an international student with F1 visa. I did a 14-week internship in California last year from May 26, 2015 to September 4, 2015. Do I need to fill some income tax ...
-1
votes
1answer
76 views

How to calculate take home salary in Sacramento, California? [duplicate]

How can I calculate my take home pay in Sacramento area in California? I have an offer of USD 95,000 per year in Sacramento. After searching multiple sites for tax calculations, I understood that it ...
2
votes
1answer
44 views

What is the procedure for forcing a buyer to close escrow on required date?

I'm in contract for my home, the buyer has removed all contingencies. For various reasons, I wish to close by the agreed date, or cancel the contract. I understand that even if the close-of-escrow ...
0
votes
1answer
84 views

Are missed "estimated tax payment' penalties really enforced by IRS and FTB(CA)?

I am a regular employee in a tech company and receive annual W2 form. I moved to US in 2010 from a country where tax system is simple. These years I also have traded stocks in my free time and made ...
1
vote
1answer
46 views

Paying taxes on a boat purchase in California as a Washington resident

It seems like there are two options when buying a boat in California as a non-resident: pay California sales/use tax pay a lawyer to perform an offshore delivery and pay sales/use tax in the state ...
0
votes
1answer
123 views

should I sue my employer [closed]

I resigned from my last position after working for two months and here is the payment related scenario: Initially employer agreed on X amount per month salary. I worked for 21 days in month M1 and 30 ...
1
vote
2answers
256 views

Is a seller obligated to agree to a Contingency Removal addendum?

I accepted a buyer's offer for my home. The contract (Residential Purchase Agreement, California) has an appraisal contingency. The buyer's lending bank appraisal came in below offer price. I asked ...
4
votes
2answers
221 views

This is my pay stub. Am I paying too much?

I have decided to make this post on behalf of a close friend. He is a young professional working in San Francisco and making ~ 132K USD per year paid in biweekly fashion. Single and he doesn't own a ...
0
votes
1answer
72 views

Does FTB accept amended tax returns over Fax?

So I sent Letter of Explanation over regular mail to Franchise Tax Board. I called them and they claim not to have yet received and/or scanned it. And instead suggested to Fax it. However, I could ...
3
votes
0answers
57 views

Back in 2011 instead of form 565 filed 568 by mistake. How to fix this?

In 2010 we correctly filed form 565, because we were general partnership. However, in 2011 we filed by mistake form 568 (the LLC form). Starting from 2012 we have correctly filed as sole ...
1
vote
2answers
573 views

Can California state income taxes paid be itemized on federal income tax return?

I currently live in Washington state (no state income tax) and work a tech job. I am contacted by companies in California to work for them, but I am hesitant because of the state income tax in ...
0
votes
1answer
445 views

How to take off my name from Car Title in California

The car was paid off and the title is under my name and my ex wife. I want my name off from that car because I don't want to be responsible for any liability if she got in accident. But She wont go ...
1
vote
1answer
71 views

How to set California DE4 allowances based on federal W4 allowances?

I need to set my federal and Calif payroll allowances to what they were 1/1/2015. My federal was 29 allowances. But I don't have record of Calif. Can I deduce my Calif allowances based on federal ...
3
votes
2answers
137 views

Confused about tax year for income

I started working for a company in December on Dec 10 and I got paid in January because I wasn't on Payroll , my employer deposited the check into my account. I am wondering since there is no W2 ...
6
votes
1answer
68 views

Is it possible to block previously authorized ACH access?

We engaged in business with another company that provides credit card processing service. At the time of signing up for their service we authorized them to use ACH by giving them a void check (a ...
-2
votes
1answer
77 views

Monetary instrument written to two people which if uncashed is sent to third entity?

Is there a way this can be achieved? Such as a check written to "Person A or Person B" I want to send it to Person A in the hopes that Person A takes it or gives it to Person B. Whatever happens I ...
1
vote
2answers
71 views

Supplemental Property Tax Assessment (Article 13A) California

We have had the joy of receiving two property tax bills this year. One in the amount of about $7,000, which is the one we expected for the property. We purchased a new house from a builder in May 2015....
0
votes
1answer
75 views

Direct from manufacturer auto purchase? Smart? Dumb? Possible?

Read this article recently, and I thought of trying to purchase direct from the manufacturer. The vehicle I want has a facility here in the United States (outside my state), and I just wonder if I ...
5
votes
1answer
265 views

Is there any state tax (California) advantage to putting money into a limited purpose FSA versus putting it all into an HSA?

For example, I will not be contributing enough to max out my HSA contributions, so would there be any benefit to putting extra money for my child's braces into the LPFSA, or should I just put it all ...
5
votes
1answer
642 views

Do I have to pay security social taxes when I withdraw from my 401k?

I will be moving out of the country soon and I have some money saved on a 401k. I plan on doing an early withdrawal and I am aware that I will have to pay the 10% penalty. I was wondering how the ...
2
votes
2answers
155 views

REIT vs Real Estate - 4 Considerations

Assume the following scenario: A person wants to invest $100k in REIT or buying a rental property. (Assume a property management company is used so we don't need to compare the work from each.) What ...
3
votes
2answers
71 views

What to consider when opening a 529 account

I've got a new baby and am planning on opening a 529 account to begin saving for her education. I know these accounts have state tax incentives but I don't know what to look at when researching them. ...
5
votes
3answers
4k views

Can you register your car in a different state from your residence?

If you move to California from Florida but cannot afford to register your car there (the engine has been modified), is it still possible to keep the car registered in Florida but obtain a California ...
0
votes
0answers
21 views

What's the tax on a hobby crop income? [duplicate]

Say I harvest crop as a hobby on my land, and it's less than an acre. What's the tax on the crop income?