Questions answered by Rex Wenstrom Halverson

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Can I set up an S corp in a state without income tax, then live and work in CA as a sole proprietor to avoid CA income tax?

Rex's answer | Answered on March 06, 2015

No; the CA FTB will not allow you to work in CA and earn a living wage without paying your fair share of income tax. You may move to Nevada and...

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Can a regular Tax Preparer do a S-corporation filing instead a CPA?

Rex's answer | Answered on March 06, 2015

Yes; you are not required to use a CPA to prepare your S Corp tax returns.

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I have been mailed a set of forms asking for my current information. I do indeed owe back taxes. How do I negotiate for payments

Rex's answer | Answered on March 02, 2015

I agree with my colleague but would add that you will probably need to complete all back tax returns as a first step. But, before filing same,...

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What is the California Long Term Cap Gain Tax rate? Can you please break down for me the scale, based on amount of cap gain.

Rex's answer | Answered on February 23, 2015

As mentioned by many of my colleagues, California does NOT tax capital gains differently from ordinary income. Accordingly, the ordinary income...

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Income tax refund check

Rex's answer | Answered on February 19, 2015

So long as you have a joint bank account, the bank will accept the deposit.

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If dividends or interest is under $ 10.00 in a savings account for the year, do I have to clam it on income tax ?

Rex's answer | Answered on February 17, 2015

Gross income is defined as any and all income. So yes, you must report the $6.32 if you are required to file a tax return.

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Do I need to pay state taxes for CA ?

Rex's answer | Answered on February 11, 2015

Yes; California taxes your earnings earned worldwide once you are a resident of California. You probably do not owe AR taxes since you are no...

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My boss is willing to give me 20% of our company, do I have to pay a gift tax? How long do I have to pay the tax?

Rex's answer | Answered on January 29, 2015

This is a rather complicated situation. I am afraid that the IRS and FTB would find this is not a gift but income to you since you work for this...

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As a private chef. if I donated my services for a charity event. no profit. do I still have to pay sales tax.

Rex's answer | Answered on January 28, 2015

If you are not selling tangible personal property for consideration, there is no sale tax due. Your services or profits are irrelevant. The real...

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Pros and Cons of joint filing tax return? 1040.

Rex's answer | Answered on January 09, 2015

Usually, filing married jointly results in a lower tax bill. The cons of filing married jointly is that both spouses are jointly and severally...

Rex Wenstrom Halverson's Answers (793)

Can I set up an S corp in a state without income tax, then live and work in CA as a sole proprietor to avoid CA income tax?

Can a regular Tax Preparer do a S-corporation filing instead a CPA?

I have been mailed a set of forms asking for my current information. I do indeed owe back taxes. How do I negotiate for payments

What is the California Long Term Cap Gain Tax rate? Can you please break down for me the scale, based on amount of cap gain.

Income tax refund check

If dividends or interest is under $ 10.00 in a savings account for the year, do I have to clam it on income tax ?

Do I need to pay state taxes for CA ?

My boss is willing to give me 20% of our company, do I have to pay a gift tax? How long do I have to pay the tax?

As a private chef. if I donated my services for a charity event. no profit. do I still have to pay sales tax.

Pros and Cons of joint filing tax return? 1040.