Tax Expert Today LLC
Tax Expert Today LLC is an American accounting and tax advisory firm in Naples, Florida.
What is California's top marginal tax rate?
“California's top rate is 13.3%, the highest in the nation. If your income exceeds $1 million, you also pay a 1% mental health surcharge, bringing your effective top rate to 14.4%.”
View in the company profileWhat is PTET and how does it help?
“PTET (Pass-Through Entity Elective Tax) allows S-corps, partnerships, and LLCs to pay California tax at the entity level. This creates a federal deduction for the state tax paid, recovering value lost to the federal Salt Cap.”
View in the company profileHow aggressive is California in pursuing former residents?
“The Franchise Tax Board (FTB) is extremely aggressive and has a virtually unlimited audit window for residency disputes. They can audit returns dating back many years.”
View in the company profileHow does California define a resident?
“You're a statutory resident if you spend over 9 months in California per year, or a common-law resident if California is your domicile (true, fixed home). The FTB presumes you're a resident unless you prove otherwise. Every client situation is different, so call (239) 441-2005 to review your specific facts before acting on this guidance.”
View in the company profileHow are my NQSO stock options taxed when I exercise them?
“You owe California tax on the spread (fair market value minus exercise price) when you exercise, not when you sell. If your option is underwater, you owe no tax on exercise.”
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