News & Events
Uncertainty in Tax Law Changes
With so many tax provisions expiring in 2009 and 2010, it makes planning your taxes extremely difficult. This is especially true when you need to retain records throughout the year in order to take the deduction. What should you do? For many provisions it is recommended to plan to your greatest benefit. Call us for more information on this issue.
Tax Breaks
The One-Year Estate Tax-Break
For 2010, and only 2010, the federal estate tax is eliminated for individual estates. This range means that the old "stepped up basis" rules for property transferred to you via an estate is no longer used. Instead, you will need to determine the gain on each individual asset transferred. UP to 1.3 million of these "carryover" gains can be exempt from tax (add 1 million for gains inherited from a spouse).
More 2010 Alerts include the phase-out
read moreCalifornia Income Tax Counsel New Office Hours
We have new office hours for the 2012 Tax Season
Our offices are open Monday - Saturday from 10:00am - 7:00pm or by appointment. You can schedule an appointment for your taxes to be completed by calling us at(510) 261*2100. You can Fax at (510) 261-2110 or by Email at taxes@caltaxins.com.
CALIFORNIA INCOME TAX COUNSEL Jimmie Sr., Judy and Jimmie II Oliver
P.O. Box 10026
Oakland, CA 94610
KEY 2010 EXEMPTIONS AND DEDUCTIONS Listed her for your reference are key deduction rates for 2010.
2010 PERSONAL EXEMPTIONS:
The personal exemption for each qualifying dependent remains at $3,650 for 2010.
2010 STANDARD EXEMPTIONS:
Single $5,700
Married Filing Separate $5,700
Married Filing Joint $11,400
Head of Household $8,400