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FairTax Act of 2023
The FairTax Act of 2023 FairTax Act of 2023 (H.R.25) has been introduced to the United States Congress. Is it time for a tax revolution? The current US Tax Code grows more complex daily, politicians in Washington add 1 new tax code per day to fund their bills. No regular taxpayer could possibly ever know…
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Got 1099?
A 1099 is an income reporting document filed with the IRS to report payments made to others. It essentially acts as a tax receipt, if you have not filed one for payments to contractors and you are audited you may be denied the deduction. 1099’s are generally sent by businesses using contractors for services, landlords…
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General Welfare is not Taxable
If a payment is made for the promotion of the general welfare or as a disaster relief payment, it may be excludable from income for federal tax purposes under the General Welfare Doctrine or as a Qualified Disaster Relief Payment. The IRS has reviewed the types of payments made by various states in 2022 that…
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CA Employers – New wage and leave requirements starting in 2023
The CA statewide minimum wage has increased to $15.50 per hour. Some counties and cities have additional minimum wage requirements, review the rules in your city. Salaried or “Exempt” employees in CA must have a minimum salary of $1,240 per week, or $64,480 per year. All employers are required to offer paid sick leave, this…
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What is the Annual gift tax exclusion and do I need to do it?
The benefit of gifting the annual Gift Tax Exclusion is to move money out of your estate without estate tax. The estate tax starts when your assets are $12million per person and you transfer them to others, before or after your death. A person who expects they will have a taxable estate at their death…
