The quarter percent state-wide sales and use tax rate hike that was approved in Proposition 30 and went into effect January 1, 2013, expired on December 31, 2016. With the exception of the cities of San Mateo and Half Moon Bay, the sales and use tax will drop from 9 percent to 8.75 percent throughout[…]
With the stroke of a pen by President Obama, a temporary tax break for small business capital investments has become permanent. Known as Section 179 deduction, in reference to the section of the United States Internal Revenue Code, this tax provision allows qualifying capital expenditures to be written off, or expensed, immediately on a business’s[…]
A slew of federal tax changes came into effect in 2013. Here is a recap. New Income Tax Rates The top tax rate of 39.6% was re-introduced in 2013 with the American Taxpayer Relief Act (ATRA). This new rate affects single filers with taxable incomes above $400,000, married joint-filing couples with taxable incomes above $450,000,[…]
As a result of voter approval of San Mateo County’s Measure A, the sales and use tax paid on the purchase of goods and services in San Mateo County will be increased by one-half cent for 10 years. With the exception of the cities of San Mateo and Half Moon Bay, the sales and use[…]
The Fiscal Cliff deal Congress passed shortly after New Year affects your tax situation for both 2012 and 2013 (and beyond). Here is a breakdown: Income Tax Rates The Bush era tax rate cuts enacted in 2001 and 2003 are permanently extended for single filers with taxable incomes below $400,000 and joint filers with taxable incomes[…]
While the nation is focusing on the tax implications of the ongoing fiscal cliff negotiations for 2013 and beyond, few realize there are also tax implications that will affect tens of millions of Americans for the 2012 Tax Year in the form of Alternative Minimum Tax (AMT), and time to address them is running out.[…]
As it currently stands, Americans will be facing one of the biggest tax hikes in history next year. However, there is still a big shroud of uncertainty so tax planning for 2013 is next to impossible. Here are two of the main sources of tax increases that affect a lot of people. Expiration of Bush[…]
President Barack Obama signed the payroll tax cut extension into law Wednesday, which was passed by Congress overwhelmingly last Friday. The measure extends the two percentage-point reduction in the tax that funds Social Security for the remainder of 2012. With this tax cut, The employee Social Security tax rate is reduced to 4.2%, while the[…]