California Comes Out on Top of Estimated Tax Revenue
Who says California isn’t doing well financially? When it comes to taxes, it appears that the Golden State is doing just fine. California is definitely one of the worst locations to live if you want to keep your tax bill low. With the latest report from the state’s Controller, Betty Yee, it’s no wonder that taxpayers wonder why they lose so much money to the government.
According to recent reports, the month of February was a very good month for the state treasury. That’s because Ms. Yee reported that California beat it’s tax revenue for the month of February by about $1 billion. In fact, the state received about $6.6 billion in total tax revenue in February, which beat Governor Jerry Brown’s estimates by close to 18 percent.
Of that amount, $2.6 billion came from tax receipts from personal income taxes. That was 26 percent more than expected. Meantime, taxes for retail and use were up about 16 percent. As for the fiscal year, revenue for the general fund is already 1.4 percent higher than forecasted.
While the news is good for the state, the extra money could be gone fast. That’s because with all the extra cash, many expect that democratic lawmakers will encourage the governor to increase spending.
Tax Time Tips for Mortgage Holders
Tax Time Tips for Mortgage Holders Tax Time Tips for Mortgage Holders, it’s that time of year again when numbers such as 1040, W-2 and INT-1099 become all too familiar to millions of people. One of the benefits of holding a mortgage on your house is the ability to claim certain deductions that can assist…
CA Credit for New Home Purchase – Fund Running Out
CA Credit for New Home Purchase – Fund Running Out By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP California allows a nonrefundable credit against net tax equal to the lesser of 5% (.05) of the purchase price of the qualified principal residence or ten thousand dollars ($10,000). But only a limited amount…
More Work for Accountants! President Obama’s Corporate Tax Proposal
More Work for Accountants! President Obama’s Corporate Tax Proposal By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP In the White House summary of corporate tax proposals: http://media.npr.org/documents/2009/may/whitehouse_taxhavens.pdf At “Backgrounder” Article I. Sec. 1, it states: “Current Law Companies Can Defer Paying Taxes on Overseas Profits Until Later, While Taking Tax Deductions…
Deducting “Other” Business Expenses
Deducting “Other” Business Expenses The mysterious “other.” Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a number of expenses under the broad category of “other.” In general, taxpayers may deduct ordinary and…