• Internal Revenue Service
• Federal Tax Forms
• Where's My Refund
• Social Security Administration
• California Franchise Tax Board
• My FTB Account
• California Tax Forms
• California Employment Development Department
• American Institute of Certified Public Accountants

• Pub 15 - Employer's Tax Guide
• Pub 501 - Exemptions, Standard Deduction and Filing Status
• Pub 530 - Information for First-Time Home Buyer's
• Pub 583 - Starting a Business and Keeping Records
• Pub 587 - Business Use of Your Home
• Pub 926 - Household Employer's Tax Guide

Frequently Asked Questions

1. What is the IRS mileage rate?
The rate is 50.5 cents for each business mile for 2008.

2. What is the amount of the personal exemption?
The personal exemption is $3,500 for 2008. The personal exemption is subject to a phase-out when adjusted gross income (AGI) reaches a certain threshold.

3. What is the current social security wage base?
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. This limit increases each year with increases in the national average wage index. The limit for 2008 is $102,000.

4. What is the alternative minimum tax?
The tax laws give preferential treatment to certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax (AMT) attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax. The AMT is calculated using a different set of rules than those used for regular tax. Under the AMT rules, some deductions taken for regular tax are not allowed or are limited. Also, certain income and expenses are recognized under different rules for AMT. The taxpayer pays whichever tax is greater, the regular income tax or the AMT.

5. When are my taxes due?
The federal filing deadline for individual taxes is April 15th of the following year. Form 4868 allows the taxpayer an automatic six-month filing extension. Beware, the extension extends the time to file but not to pay.

6. What is my marginal tax bracket?
Graduated tax rates are applied to a taxpayer's taxable income to determine their income tax liability. Your marginal tax bracket is the rate you pay on the "last dollar" you earn. The current federal tax rates range from 10% to 35% for individuals.

7. What are self-employment taxes?
Self-employment taxes are Social Security and Medicare taxes for the sole proprietors and general partners of a partnership. An individual who carries on a trade or business must file Schedule SE if net earnings are in excess of $400.

8. What is a capital asset?
Most items owned for personal or investment purposes are capital assets. The sale of capital assets are reported on Sch D by individuals. The most common examples are stocks and bonds.

9. What is tax planning?
Tax planning is the process of looking at various tax options in order to determine when, whether and how to conduct transactions in order reduce or eliminate taxes.

10. Why is keeping good records so important?
Everyone who pays taxes is required to keep accurate, permanent books and records so they can determine the various types of income, expenses, gains, losses and other items that affect their income tax liability for the year.