Richard Rogers, EA| August 31, 2009
For only the second time since 1978 the standard deduction will decrease from last year’s rate of $3,692 to $3,637 for single and married filing separate taxpayers. For other taxpayers it will decrease from $7,384 to $7,274. The decrease is because the standard deduction is tied to the California Consumer Price Index (CPI) which fell in 2008 by 1.5 percent. Also, the personal exemption credit will decrease slightly due to the adjustment.
Category:For Individuals, Tax Rates| No Comments »
Tags: FTB, Tax
Richard Rogers, EA| August 28, 2009
To help avoid the stress and headache of getting all of the necessary information together for the preparation of your business tax return you should try to keep good records throughout the year. Not only will this reduce your stress come tax filing season but it will also ensure that you can answer and support questions if your return is selected for an audit.
Category:For Businesses, Record Keepping| 1 Comment »
Tags: IRS, Records, Tax
Richard Rogers, EA| August 28, 2009
Millions of taxpayers every year make donations to organizations in order to help make this world a better place. Another benefit can be a deduction on your tax return. However, in order to make sure that the deduction is allowed by the IRS certain criteria must be met.
Category:Deductions, For Individuals| 3 Comments »
Tags: Contributions, Donations, IRS, Tax
