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Video instructions and help with filling out and completing How to terminate california residency

Instructions and Help about How to terminate california residency

You'll notice in your student textbook that in the California section there is an extreme focus on this idea of who is a California resident and who is not a California resident or who's a California partier resident this is one of these concepts where it's extremely important for you to understand the big picture of why it matters why the California tax law pays so much attention to distinguishing between who is a California resident and who is not a California resident or Rosa Park year resident partner California resident the reason why this is important is because it directly affects the ability of California to collect California income tax for a California resident this is the most important and fundamental big picture concept California resident you have to pay California income tax there are some exceptions but generally speaking you have to pay California income tax on all of your worldwide income so if you have investments from other states or investments even from abroad but you're a California resident you have to pay generally speaking again there are some exceptions but you have to pay California income tax as a California resident on your worldwide income for a California non-resident you you don't have that high requirement you don't have as much potential tax liability to California as a resident and so for the California tax system there are a lot of lengths that are gone too and different rules and tests about who's a resident and who is not a resident but for you as a beginning tax preparer you have to really understand why do they care so much you know why is it so important why it's so much time spent in your student textbook but also in California tax law discussing who's a resident who's not a resident who's a part of your resident and I want to give you an example of why that's so important in terms of California's ability to collect California income tax so the two neighboring states for California are two major neighboring states are Arizona and Nevada so let's say that for Nevada for instance there's no state income tax okay so Nevada residents don't have to pay any state income at all on their income whereas in California the tax rate goes high quite quickly the income tax rate it can get up to nine point six percent on only forty six thousand dollars of taxable income okay so if you're sitting there and you're saying I could be a California resident or I can be a Nevada resident and you have a good amount of income you're looking and going okay well if I'm a Nevada resident I don't have to pay any state income tax at all if I'm California I'm going to pay nine point six percent of my income and that can be appealing to say oh well I'd like to be considered a Nevada resident not a California resident obviously.

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