Many startup entrepreneurs and investors in the state of California are now starting to receive big bills in the mail for back taxes that they never expected to owe.
In late December, California's Franchise Tax Board eliminated a deduction that had been available since 1993. This tax break was available to people who made money from selling stock they'd held in California-based small businesses for at least five years, as long as they reinvested their gains in other small businesses in the state. Essentially, it encouraged many people to repeatedly invest in small businesses — potentially a big deal for entrepreneurs and angel investors.
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