Employees have nothing to do with the California Minimum Tax. If you are an entity, LLC, Corp., LP, etc., that has applied for, and obtained qualification to do business in California, you are required to pay the Minimum tax of $800 per year, whether you have any employees or not, in California or...Read more »
Would he receive any benefits from this, tax write offs etc? Also he owes taxes on the property, I am willing to pay those off to make this happen. I plan to use this as a nonprofit headquarters, Art/Yoga/Event Space. Its already zoned for 4 residential structures
Real estate transfers and planning for the tax consequences are never do-it-yourself tasks. Tax benefits cannot be calculated without information about the property and the taxpayer. You say that you want a nonprofit HQ in a space zoned for residences. This by itself should be a red flag. If you do...Read more »
Father-in-law is Bill. His 1st wife is Mary. They had a trust that owned 20 rental homes. Beneficiaries were 3 kids. About a year after Mary died, Bill remarried. Ten yrs later, Bill and second wife Joyce created a trust. At that time, 10 rentals were put in a "B" trust (Mary's... Read more »
I know there some ab 5 law now but I want to hire freelancers to stock my machines. I will purchase the food products for the machines. They will stock the machines once or twice a week. Meaning 1- 2 hours a week. I am giving them a set payment amount for each month they help me. Do I have to... Read more »
The chances are very high that those workers would be classified as employees. In today’s world, it is harder than ever to successfully classify a worker as an independent contractor. But a lawyer would need to ask a lot of questions before giving an opinion. For example, will the workers have...Read more »
as married and I'm always ahead of household she always thinks you can just do whatever she wants and get away with it all I want is what is mine my portion not the kids and not hers what can I do to get my portion
I'm thinking I should apply for the 501(c) (3) status in the very beginning with no members or place to "worship" because in the beginning the IRS won't see me as anything that could be taking monies they could otherwise be taxing.
My ex spouse receives payments from a company that pays both of us. I just learned that she used my social security number for her payments. We are currently in court for another matter. Through discovery I was able to see years of her 1099s. All of hers have my social security number instead of... Read more »
If a small business that is being sued for misclassifying employees as independent contractors, and the they choose to ammend payroll taxes, tax returns and retroactively reclassify these individuals, will it help in their position for the lawsuit? The plaintiffs were deceptive from the start and... Read more »
It is wise that you think proactively, but you should not do anything until you have retained your defense attorney who can then guide you through the best way to deal with the alleged liability. And you should not try to defend this case yourself. These kinds of cases can be bet-your-company...Read more »
If you are taking about income taxes, the answer will depend on whether you have any income. However, you must remember that there are MANY kinds of taxes. If your business is incorporated or a limited liability company, you must pay the minimum of $800 per year franchise tax. I assume you have a...Read more »
I just started a company (a Delaware C-corp). It is worth basically nothing at this point since it just got started. There are no investors so far, so I own most of the shares in the form of restricted stock that has been early-exercised. The shares will be vested over 4 years.
One solution I have seen is to issue her non-voting shares. These will have 40% less value than a regular voting share because they have no control. That would allow you to give them to her at $25,000 per year without filing a gift tax return.
There are a number of ways to do this, legally, to avoid capital gains tax, probate fees and other taxes. DO NOT HAVE HER SIGN A DEED UNTIL YOU CONSULT WITH AN ATTORNEY THAT SPECIALIZES IN ESTATE PLANNING FIRST.
In the beginning of 2020 my father asked me to help do some clean up in his new warehouse at the business he owns. I was not hired as an employee and did not fill out any tax paperwork I was just only there to help out and my dad always gives me a bit of money for it. At the end he had the company... Read more »
I should refinance both properties now because I can save money with the low interest rates on mortgages. One lender suggested that I consolidate the two loans and pay-off the loan on my future rental property. But I wonder if I will benefit more (because of the tax benefits) if I maintain the loan... Read more »
I suggest you build a good spreadsheet and analyze and compare individual scenarios as they arise.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is not intended nor should be...Read more »
My siblings and I own the property inherited from our parents. It has always been separate property. It was burnt in the Thomas Fire and settlement is expected this year. Will the money from the settlement be considered income and thus cause a change in spousal support or as compensation and not... Read more »
I would think that money received in a fire insurance settlement is not income unless a portion of it was paid for lost income due to being displaced. You should consult a tax attorney for this, or a tax accountant.
I am not sure exactly what you are asking, but if when I transfer property into a living trust I write on the deed "Transfer to inter vivos trust per Cal Tax & Rev Code 11930". I put it near the transfer tax line.
Depending on the county, they may also want a Transfer Tax...Read more »
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