The “rule of 10 percents” allows us to quickly estimate sales tax without the need for a calculator. We can use this rule to easily come up with a number that will be very close to the actually tax of an item. And, item335332311 if we want to be very precise, we can use this rule to get the number almost exactly.
CTEC approved provider Muni bonds should be owned in your taxable brokerage accounts, and not in your IRA or 401K accounts because income in those accounts is already tax-deferred.
The first surprise is one you could only find in California. The LLC is charged an $800 annual fee for the “privilege of doing business in California”. Oh, joy. The fee is due not at the end of your first year, but within a few months of forming your business. Yes, the door is barely open and you are already getting hit with state expenses!
CTEC classes On the other hand, even though you have a health insurance plan, subsidized by your employer, you might have to fork out your part of about $250 or $300 a month. From time to time, you must pay a $10 charge to see a doctor, or something called “deductible”, and even these expensive medicines for your kid’s sore-throat infections; but we won’t count that.
Another thing I found out, which prior to this point I did not know, was the tax implications you incur after a foreclosure because of something called Cancellation of Debt Income. That one really shocked me when I learned about it. And to just put the cherry on top, there’s something called a Deficiency Judgment and it is not good for the borrower. This legal process allows your bank to sue you for the unpaid balance of your mortgage, EVEN AFTER THEY AGREE TO DO A SHORT SALE. I could not believe this when it happened to me and it affected my decision to cancel a short sale I had been working on for five months with Bank of America Home Loans. It was a long and tedious education process that I hope I never have to repeat again.
CTEC courses In California, the BOE-401 requires every line to be rounded to the nearest dollar. This will create a small difference in the amount of sales tax owed on the return, verses the amount of sales tax owed according to QuickBooks.
The first place I started was with the biggest name in tax preparation, TurboTax. The Federal Free Edition looks and functions just like their offerings, and includes free federal e-filing as well. Unfortunately, Federal Free Edition won’t handle my rental properties, so I need to upgrade to the $49.95 Premier version. I also have to pay an additional $36.95 to do my California state taxes, so my total cost for TurboTax is $86.90. Definitely costs a lot more than free!