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Middle Class Tax Refund Payments for Californians
/in News, Tax Tips - Individual/by Betty KimHappy Friday! Middle Class Tax Refund (MCTR) payments have begun going out to Californian since last Friday. These one-time payments up to $1,050 per household (based on 2020 California “adjusted gross income” on your tax return) aim at providing relief from rising inflation to eligible California residents. An estimated 8 million direct deposits will start […]
An “innocent spouse” may be able to escape tax liability
/in News, Tax Tips - Individual/by Betty KimWhen a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. However, in some cases, a married couple files a joint tax return and one spouse is unaware of all the income or delinquent tax liabilities of the other […]
Don’t forget income taxes when planning your estate
/in News, Tax Tips - Individual/by Betty KimAs a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be […]