News & Events

January - April 2011

Important Forms

Income Tax Questionaire

Deductions

Business Tax Form

Rental & Royalty Tax Information

January-April 2011

2010 Alerts

of the personal exemption will not apply in 2010. This includes taxpayers with adjusted gross incomes in excess of the former phase -out amounts.

The overall phase-out limitation on itemized deductions does not apply in 2010. This includes taxpayers with adjusted gross income in excess of the former phase-out amounts.

The real estate tax standard deduction is available again in 2010. It is up to $500 (single) and $1,000 (married).

Company Information

Greetings to clients and friends! The income tax filing season is here again and we at California Income Tax Counsel desire to continue to meet your filing needs.

For over 30 years, California Income Tax Counsel has provided tax services to the public. We pride ourselves on providing excellent and effecient services to all of our clients with a smile!

Making Work Pay Credit Reminder

Unless Congress acts, 2010 marks the second, and final year of the Making Work Pay Credit. This provision in the tax code allows for a tax credit of up to $400 for individuals and $800 for married couples filing jointly. The credit phases out for those with incomes in excess of $75,000 or $150,000 married filing jointly. Please recall that federal payroll withholding tables were adjusted so that for most clients your tax reufnd will be approximately the same. However, if your income is higher or you have more than one job, you could actually owe slightly more than is typical. It is also important in some cases to file a tax return even if you think you owe no tax as you may be elgible for this credit.

Standard Mileage Rate

Business Travel - .50 per mile

Medical and or Moving - .1605 cents per mile

Charitable Work - .14 cents per mile

65 and Over Exemptions

If you are 65 or over and/or blind add:

Single/Head of Household - $1,400

Married/Surviving Spouse - $1,100