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Tag Archive for State Income Tax

Overlooked Tax Considerations For Small Business


If you own your own business, your tax obligations likely do not end with the IRS. There are other tax agencies looking to put the bite on you as well. Small business owners can cut their taxes by taking various tax deductions. Be sure you don’t pay more taxes than you need to by being aware of the overlooked tax considerations for small business.

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Do Expats Need To Worry About State Income Taxes?

Ephraim Moss

As with life’s more difficult questions, the answer is; it depends. Generally, states impose tax only on individuals who are residents of the state. As such, if an individual is a resident of a particular state and then moves abroad, such individual will most likely be treated as a part-year resident for the year of the move and will most likely be required to pay tax at least on the portion of income allocated to the period in which they were a resident.

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How Professional Athletes Attribute “Rest Days” for State Income Tax Purposes: A Major Controversy Brews

Many young professional athletes and their less than experienced managers are learning for the very first time that the money “earned” PLAYING or competing is subject to income tax both at the federal level AS WELL AS AT THE STATE LEVEL WHERE THEY ARE PERFORMING or rendering service on behalf of their employer.

Basically for example if you earn money in Colorado you pay Colorado income tax as well as federal income tax on those same earnings. Professional athletes compete or perform (aka earn money) in many different states, the majority of which have a state income tax obligation, some higher than others and all pretty nasty.

A few months ago a select group of professional athletes shared concerns about Read more