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Vista California online Form 8594: What You Should Know
Form 8594 is a compliance made by the IRS for reporting the sale of a business. Learn how to file form 8594 and when to file. You need to know the following information: For California Residents: The state income tax is based upon the seller's reported gross income. This gross income is determined by using Form 1120S, the seller's tax return. California has tax brackets of 3.60% and 7.50%, with a rate of 8.50%. For the 2025 tax year, the gross income range is 37,500 to 50,000, and the tax bracket is 4.30% to 8.90%. For more details, see Sales Tax (California Sales Tax) and Sales Tax (Capital Gains). If someone paid you for your services, you are required to provide all tax, social security, or Medicare withholding information to the IRS. For more information, see IRS requirements for tax reporting. For Individuals Sales tax (California tax): The seller must also include California sales tax on the tax form. The tax rate is 7.25% (single), 10% (joint), and 13% (head of household). Capital Gains tax: This tax is also tax based upon the seller's reported gross income. California has a 9.25% rate, with rates of 15.0% and 20.0%. Business and Professions Business and Professions California capital gains tax is based upon gross revenue (not net sales) before subtracting personal exemptions, deduction, payroll, and other applicable deductions. Form 4463: Information for sellers who have taxable goods or services in California: Information needed to report to the IRS the seller's California sales tax: Your name and address. (Include city, state, and ZIP.) State and Local Sales Taxes: Sales taxes vary from locality to locality. For detailed information, visit IRS.gov. For more information on how to file tax returns, please see the How to File page. This information is intended to help taxpayers locate the forms and instructions that they need to file taxes and prepare their return. Information about how to file a return and get help with your return is available at IRS.gov/Forms, by telephone at (800) VOICE-6233, or by sending a letter to the address specified in Publication 974 at IRS.
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