California Comes Out on Top of Estimated Tax Revenue
Who says California isn’t doing well financially? When it comes to taxes, it appears that the Golden State is doing just fine. California is definitely one of the worst locations to live if you want to keep your tax bill low. With the latest report from the state’s Controller, Betty Yee, it’s no wonder that taxpayers wonder why they lose so much money to the government.
According to recent reports, the month of February was a very good month for the state treasury. That’s because Ms. Yee reported that California beat it’s tax revenue for the month of February by about $1 billion. In fact, the state received about $6.6 billion in total tax revenue in February, which beat Governor Jerry Brown’s estimates by close to 18 percent.
Of that amount, $2.6 billion came from tax receipts from personal income taxes. That was 26 percent more than expected. Meantime, taxes for retail and use were up about 16 percent. As for the fiscal year, revenue for the general fund is already 1.4 percent higher than forecasted.
While the news is good for the state, the extra money could be gone fast. That’s because with all the extra cash, many expect that democratic lawmakers will encourage the governor to increase spending.
Ask Yourself These Key Questions When Planning Your Estate
Almost no one can choose when he or she will die, but everyone can choose how his or her assets will be handled when that time comes. It’s really just a matter of having a current and effective estate plan in place before you go. Estate planning is a wide subject with many aspects; and…
Another Senator Says It’s Time to Go After the Wealthy
Another Senator Says It’s Time to Go After the Wealthy We all know that death and taxes are two certainties in life. However it seems that we should probably add the argument that the wealthy should pay more taxes to that list of certainties. According to reports, Senator Bernie Sanders of Vermont recently shared his…
Make Sure You Report All of Your 1099 Income
With the job market continually fluctuating, it seems that more and more people are creating their own jobs. Whether it’s starting your own company, doing some extra business on the side, or working as a freelance private contractor, a growing number of individuals are earning self-employment income. The extra income is surely nice, whether it’s…
Five Tips to help You Save On Your 2014 Income Tax Bill
Although there are still more than two months to go before we turn the page on the year 2014, the end of the tax year is still fast approaching. While it’s true that April 15 may seem like a long ways off, the fact is you only have those precious two months left to still…