Voluntary Contribution Fund

15 Jan 2014

California State Tax Filing Season Is Officially Open – Part V

The Franchise Tax Board (FTB) announced it is now accepting 2013 state tax returns. Also, the FTB provides the following updates on law changes and filing services brought to you in this blog series – Part V.

AB 93 replaces the G-TEDA tax incentives with the New Employment Credit (NEC), the California Competes Credit, and statewide partial sales and use tax exemption for certain manufacturing and research and development equipment.

The New Employment Credit (NEC) is a California income tax credit available to employers for taxable years beginning on or after January 1, 2014, and before January 1, 2021. To obtain a credit a qualified taxpayer must hire a qualified full-time employee on or after Read More

Written by Betty Williams | Posted in Individual • North America • Tax Policy

14 Jan 2014

California State Tax Filing Season Is Officially Open – Part IV

Tax Tips

• Volunteer Income Tax Assistance – Starting in February, free tax help is available through the Volunteer Income Tax Assistance and Tax Counseling for the Elderly Programs (VITA/TCE). Trained volunteers at more than 1,000 sites throughout California provide free help to complete tax forms for low-income, senior, disabled, and non-English speaking persons who need to file simple federal and state tax returns. Read More

Written by Betty Williams | Posted in Individual • North America • Tax Policy

09 Jan 2014

California State Tax Filing Season Is Officially Open – Part I

What’s New for Individuals

Standard deduction – The standard deduction for single or filing separately tax statuses increased to $3,906. For joint, surviving spouse, or head of household filers, it increased to $7,812.

Exemption credit increases – The dependent exemption credit increased to $326 per Read More

Written by Betty Williams | Posted in Individual • North America • Tax Policy