How to File a Business Tax Extension?
Filing for a business tax extension can be straightforward if you follow these steps. Here’s how to ensure you get it right: Table of Contents Is There a Penalty for Filing a Business Tax Extension? No, there is no penalty for filing a tax extension as long as it’s done before the deadline and your […]
A Comprehensive Guide to California State Disability Insurance Tax – SDI Tax
The California SDI Tax, or State Disability Insurance tax, was introduced about 80 years ago to compensate workers who suffered from job-related injuries. It also doubled as unemployment insurance and a wage replacement for the working population of California with non-work-related disabilities. The SDI state tax, which has found continuity in purpose to date and […]
What is the OASDI Tax Deduction? & How do I Manage OASDI as an Employer?
Whether you’re an employee, self-employed, or running a business, the OASDI tax (Old-Age, Survivors, and Disability Insurance) is a significant component of your payroll responsibilities. It is the part of Social Security that provides millions of Americans with retirement, disability, and survivor benefits. But how exactly is it calculated? What do you owe—and what can […]
Form 1099: Filing Mistakes And How To Correct Them?
Errors in Form 1099 filings can lead to penalties, confusion, and audits. Small business owners, startups, freelancers, and e-commerce entrepreneurs in the USA need to understand the common mistakes and how to correct them to stay compliant and avoid unwelcome surprises. 1. Understanding the Two Error Types (Type 1 vs Type 2) The IRS categorizes errors […]
What Are the 10 Things You Should Know About Form 1099?
The U.S. tax code evolves every year, and 2025 brings significant changes to Form 1099 reporting. Whether you’re a small business owner, a startup, a freelancer, or an e-commerce seller, this form is crucial for accurately reporting income. Here are the top 10 things you need to know in 2025, plus essential updates you can’t […]
What is the Difference Between Estate Tax and Inheritance Tax?
When a U.S. citizen passes away, several types of taxes may become relevant depending on the size of the estate, the relationship of heirs, and the state in which the deceased and heirs reside. Four central taxes worth mentioning are the federal estate tax, the state estate tax (if applicable), the state inheritance tax (if […]
California’s Inheritance Tax & Strategies to Manage Tax Liability
California’s tax environment is complex and has been in the news for notorious reasons. California’s exit tax and the complex real estate tax are among a few reasons why it holds this status. Here’s a funny instance: Hot Bagels Are Taxed Differently Than Cold Ones! While a plain bagel is tax-exempt, it becomes taxable when […]
Your Ultimate Guide to Filing 1099 Forms: Deadlines, Requirements, and Best Practices
If you’re a business owner or self-employed, understanding 1099 forms is crucial for complying with tax regulations. Whether you’re paying freelancers or independent contractors, filing the correct forms on time is essential to avoid penalties. This guide will explain everything you need to know about the 1099 form, including when to send it, how to […]
What is the IRS 1099 Form? – Definition, Types, and How to File
In the evolving landscape of the gig economy and remote work, understanding tax obligations is crucial for small business owners, freelancers, and e-commerce entrepreneurs. One key aspect is the IRS Form 1099, which reports various types of non-employment income. This guide provides an in-depth look at Form 1099, its significance in 2025, and how to […]
What Are the California State Income Tax Brackets and Rates?
In Los Angeles, it’s common for residents to pay over $1,500 a month to live in sought-after neighbourhoods like Santa Monica, even for a shared room styled like an adult dorm! Needless to say, the state of California is bountiful, with its Gross State Product (GSP) standing at $4.172 trillion as of 2024, and being […]
