Tax

SACRAMENTO -- By now it's a safe bet that California tax revenue will surpass expectations during the current fiscal year. But the question of what that means for the state's bottom line is far from settled. California has reaped more than $10.1 billion in income taxes so far in April and could see another $2 billion before the month is over, according to updated figures from Legislative Analyst's Office. This week had two of the biggest collection days in state history. The analyst's office said the state only needed $8.5 billion in April to keep pace with projections.

Lauryn Hill is facing eviction from her New Jersey mansion, according to reports circulating Friday. The eight-time Grammy-winning singer-songwriter could be ousted from the South Orange mansion she's been living in since 2009. She stopped paying rent last month, TMZ reports, and now her landlord is trying to evict her. The former Fugees member was reportedly due in tenancy court earlier this week, according to South Orange Village Counsel Steve Rother ( via Patch). This proceeding is the latest in her personal financial struggles.

Private, tax-exempt hospitals spent an average of 7.5% of their operating expenses on community benefits in 2009, according to a new study that raises questions about whether the amount is enough. Overall, the study published Wednesday in the New England Journal of Medicine showed hospitals "varied widely" in the level of "community benefits" they provided, ranging from 20% of the operating budget at some to 1% at others. They concluded that most of the expenditures benefited patient care while "little was spent on community health improvement.

SACRAMENTO -- California is primed for a strong month for tax revenue after the Legislature's top budget advisor said Tuesday was among the biggest days for tax collection in state history. The state raked in $2.7 billion in income taxes Tuesday, according to the latest figures from the Legislative Analyst's Office. April is the most critical month of the year for income taxes, which are expected to supply more than 60% of general fund revenue for the current budget. So far this month, the state's income tax revenue has totaled $6.02 billion.

It's tax day, and for those scrambling to get their forms postmarked in time, the U.S. Postal Service is making things a little easier. Some post offices will have extended hours to help last-minute filers make the midnight deadline. Federal tax returns must be postmarked by April 15 to be considered filed on time by the Internal Revenue Service. Tax Day quiz: Honest Abe? Tricky Dick? Machine Gun Kelly? Three postal centers will be staying open until midnight to collect mail: Los Angeles main office: 7001 S. Central Ave. Santa Ana: 3101 W. Sunflower Ave Santa Clarita: 28201 Franklin Parkway Last-minute mailers should note that the Los Angeles location will only have retail service available until 10 p.m. Retail sales will stop at the Santa Ana location at 7 p.m., and at 5 p.m. in Santa Clarita.

As procrastinators scramble Monday to file their federal income taxes, some who reside in the well-off enclaves of Los Angeles or San Francisco may be bracing for an audit by the Internal Revenue Service. That's according to a new study from the National Taxpayer Advocate, which scoured IRS data to pinpoint five metropolitan areas where small business owners are more prone to dodging taxes. Other top tax-cheating hubs are the District of Columbia, Houston and Atlanta. Communities near the five cities were called out as well.

A bill that would create a nickel-per-bullet tax to pay for mental health programs aimed at reducing gun violence hit a roadblock in a legislative committee Monday. The Assembly Revenue and Taxation Committee put AB 760 on "suspense" where it will be required to undergo more study on its financial effects before it can be reconsidered. Assemblyman  Roger Dickinson (D-Sacramento) said he is hopeful his bill will be able to make it to the Assembly floor. He said it is a response to the mass shooting at Sandy Hook Elementary School in Connecticut that killed 20 children and six adults.

Since 1910, the vintage Blackstone Hotel in Chicago has hosted 12 presidents, royalty and gangster Al Capone , who also was a tax evader. Somehow this all adds up to what the hotel, now named the Renaissance Blackstone Chicago, calls a tax day sale. Prices start at $96 a night for just 96 hours. The deal: The Blackstone stands across from Grant Park and in the city's Magnificent Mile shopping district. Make a reservation during the sale and pay $96 plus tax for stays through the end of the year.

President Obama's budget proposal included a number of proposals to increase tax revenue not by raising rates but by cutting back on tax breaks. The Wall Street Journal's editorial board singled out one such measure for ridicule Friday: a cap on an individual's tax-sheltered retirement accounts at "an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. " The board's members seem to think that people won't save for retirement unless they're given a tax break to do so. Perhaps they're right about that; the savings rate in this country is abysmal , and about three-quarters of the people nearing retirement age have less than $27,000 saved for their dotage, according to a 2010 study . But think about that statistic for a moment.

WASHINGTON -- President Obama's income continued its recent creep downward in 2012, along with his effective federal income tax rate, according to the tax returns released Friday by the White House. The president and first lady reported a joint adjusted gross income of $608,611, down from almost $790,000 in 2011. The Obamas paid $112,214 in federal taxes in 2012, for an 18.4% effective income tax rate. In recent years, the president's income has slipped as sale of his books appear to have tapered off. On a form noting his profession as “author,” the president  reported $273,000 in income from book sales, a 40% drop since last year.