Proposition 30, a Sales and Income Tax Increase Initiative WHAT WILL IT COST? It raises California’s sales tax to 7.5% from 7.25% . When combined with your local sales tax, most of Alameda County will see the sales tax paid on purchases increase from 8.75 % to 9.00%. The two highest sales tax cities in […]
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So, You Want to Claim a Certain Someone As Your Dependent?
Everyone is looking for a way to lower their tax bill and maybe even get a little refund back. I see lots of people attempting to be really… “creative” in coming up with a few dependents to help them achieve this goal. Before you get too carried away with how easy it can be to […]
The 2011 TAX DEADLINE is almost here!
Hello Clients! This year’s tax deadline is April 17th and that’s just 12 days away. If you’ would like your income taxes prepared and/or finalized by this deadline please get your information to me by April 13th. You can send your information via fax, email, or mail. You may also make an appointment to meet […]
Should She Claim Her Adult Son as A Dependent?
In this tough economy we see millions of degreed adults unable to find work. As a result, many have returned home to live with family, gone back to school to learn a new skill, and are most likely receiving some kind of government benefit such as unemployment insurance payments and/or cash aide (welfare, food stamps). […]
2011 Minimum Income Requirements to File a Federal Income Tax Return
Wondering if you HAVE TO file taxes this year? Take a look at the chart below. Find your tax filing status and then cross reference it with the income you received from all sources in 2011. These figures only apply to people who are NOT being claimed as someone’s dependent. Read my blog “Should She […]
1099-Misc: Other Income vs. Nonemployee Compensation
One of my small business clients received a form 1099-misc from one of her customers for whom she’d performed a business service. The customer unknowingly reported the income using box 3: “Other Income” when she should have reported it in box 7: “Nonemployee Compensation”. So what’s the difference? One is for payment for services performed, […]
Tax Time Resources
Tax Bracket Chart for 2012 and 2013 – By Bankrate Healthcare Premium Subsidy Calculator – By the Kaiser Foundation – the Health Care Premium Credit will help to subsidize health insurance costs for individuals making up to 138% of the federal poverty level. The formulas of who will qualify for the Health Insurance Premium Credit […]
IRS Inadequacies -You Need To Know This
With the technology and requirement of e-file in place, the IRS customer service and document processing activities are more automated than ever. It’s easier to file your taxes, we’re not printing tons of paper copies any more, and the turn around time of the average refund has gone from 6 weeks to 2 weeks – […]
When the IRS says “Your Releative” Here’s What They Mean
Some taxpayers use the term “relative” quite loosely. Your best friend’s son may be your godson – and he may seem like a relative in your eyes – but Dr Sam and the IRS don’t see it that way. So, when the IRS says “your relative” here is who they are talking about: Your biological […]
File Your 1099-misc due January 31st!
Have all my fellow business owners got their 1099-misc forms done? Time is winding up. Your form 1099-misc and corresponding form 1096 needs to be post marked by 1/31/2012! This is a heads-up. Let me know if you need help!