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CA Franchise Tax Board: Income Tax 2013

CA Franchise Tax Board: Income Tax 2013

The California Franchise Tax Board has released the adjusted personal income tax brackets, standard deduction amounts, return filing thresholds, and various exemptions and credits for the year 2013. The figures were adjusted for inflation at a 1.7% rate. All adjustments apply to the period July 1, 2012 through June 30, 2013.

Overview: Income Tax Adjustments 2013

  • Single Taxpayers

Single taxpayers under the age of 65 and with no dependents will not be mandated to file a tax return if their adjusted gross ...

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All that Glitters Isn’t ‘Gold’ for Cali Retirees

All that Glitters Isn’t ‘Gold’ for Cali Retirees

Sun, surfing, long stretches of Pacific Ocean, this is the California we know. The Golden State is the home of Hollywood premieres and Haight Ashbury, the place where dreams are made, a playground to the rich and famous.  But, if are you planning your retirement in the Golden State, think again. Retired residents should have a plan B or they may end up on the boulevard of broken dreams.

Disney, Apple & Taxes!

The home of Disney make-believe, Apple, The Golden ...

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IRS Releases Draft Form 8960, But Is It Clear?

IRS Releases Draft Form 8960, But Is It Clear?

The Internal Revenue Service has just-released 2013 draft Form 8960. As so succinctly stated by Ted Batson, executive vice president at Renaissance Administration LLC., to Bloomberg News on Aug. 7th, he summarized 8960 as the form which:

… beneficiaries of charitable remainder trusts and others will use 8960 to compute the new 3.8 percent surtax on net investment income. This form accounts for the fact that not all items reported on a beneficiary’s Schedule K-1 meet the ...

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Newlyweds: Saying ‘I Do’ to the Money Talk

Newlyweds: Saying ‘I Do’ to the Money Talk

You’re married at last! The beautiful day went off without a hitch. Bliss is the only thing you feel right now. Congratulations! Enjoy the honeymoon. But when reality sets in and the newness wears off, don’t run from the hard conversations, especially the dreaded money talks. Many newlyweds avoid this subject because it can cause tension. But quite frankly, addressing the dirty word—money, that is—early in the marriage, will enable you as a couple to learn healthy ways to discuss ...

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Same Sex Marriage: Far from Equal under the Tax Laws

Same Sex Marriage: Far from Equal under the Tax Laws

Now that the U.S. Supreme Court has delivered its rulings on same-sex marriage—jubilation has given way to frustration and complication as reality sets in. Practically, what does this ruling mean for gay couples? It means that the Administration is facing a giant dilemma over whether the states or the federal government should define marriage.

Some gay rights proponents contend that while it was a step forward, the Obama Administration’s first decision was a little non-committal; it granted spousal benefits to all ...

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2013 “Tax Extenders” are Nearly Out of Time

2013 “Tax Extenders” are Nearly Out of Time

What are Tax Extenders?

The tax code contains temporary business tax provisions  to incentivize and help businesses from being over-taxed. Each time these provisions expire at the end of a tax year, legislation is introduced by Congress to extend the provisions. Proposals submitted on behalf of Congressional members to extend the expiration of given tax provisions have been coined “tax extenders.”

A Look Forward: Business Tax Provisions Ending This Year

Many business tax extenders are set to expire this year. Although Congress had ...

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Partners Be Warned: The IRS May Not View You Equally

Partners Be Warned: The IRS May Not View You Equally

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...

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Retirement: A Sound Investment

Retirement: A Sound Investment

The earlier you begin planning for retirement, the better. However, if you are middle-aged with no current plan, don’t despair. There is still time. It’s never too late as long you start developing a consistent and solid plan. The better the plan, the more peace and security you will have in your golden years. Whether you fall into a high income tax bracket or you find yourself just getting by, you should indeed make retirement planning a priority– even if ...

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IRS Formally Announces 2014 ACA Relief

IRS Formally Announces 2014 ACA Relief

On July 9th, the Internal Revenue Service released Notice (2013-45) of the Affordable Care Act delay for applicable large employers.

The IRS Notice solidifies the implementation of the delay of IRS reporting requirements and key Employer Shared Responsibility provisions under the Affordable Care Act, first announced by the U.S. Treasury on July 2nd.  At that time there was a promise of more definitive information forthcoming by the Treasury, thus the Notice.

Notice 2013-45 is the formal, legal announcement of the ACA ...

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ESR Provisions Delayed for Employers Until 2015

ESR Provisions Delayed for Employers Until 2015

On July 2nd, the U.S. Department of the Treasury announced a one year delay in the enactment of the Employer Shared Responsibility (ESR) provisions of the Affordable Care Act until January 2015.

 The ESR provisions, also known in the press as the “Employer Mandate,” state that the responsibility of applicable large employers—that is, employers who have 50 or more full-time employees and full-time equivalent employees—must provide qualified and affordable health insurance to their full-time employees and dependents or face a financial penalty. 

The U.S. ...

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