How your taxes will change under the GOP tax plan depends on many factors

How your taxes will change under the GOP tax plan depends on many factors President Trump has hailed the GOP tax plan as a "giant tax cut" for the middle class. While many people will pay less tax in the next few years, just how much less will vary greatly. Plus, some individuals will end … Continue reading How your taxes will change under the GOP tax plan depends on many factors

The 5 breaks you’ll miss most if the GOP tax bill passes

The 5 breaks you'll miss most if the GOP tax bill passes Get ready to lose a handful of your favorite tax breaks under the GOP tax bill. The legislation, known as the "Tax Cuts and Jobs Act," doubles the standard deduction from its current levels of $6,350 for singles and $12,700 for married couples … Continue reading The 5 breaks you’ll miss most if the GOP tax bill passes

Mortgage Interest Deduction Safe in New Senate Tax Bill

Mortgage Interest Deduction Safe in New Senate Tax Bill The proposed tax overhaul isn’t a done deal just yet. While the House Republicans’ bill was approved on Thursday by the House Ways and Means Committee, the Senate Finance Committee unveiled its own version that is sure to cause delays in a tax reform resolution. After … Continue reading Mortgage Interest Deduction Safe in New Senate Tax Bill

2014 Personal Income Tax Deduction Schedule

From First Tuesday 8/30/14 California’s Franchise Tax Board released updated personal income tax deduction and credit amounts for 2014. These amounts were adjusted from 2013 rates, based on a 2.2% rate of consumer inflation. Standard personal income tax deductions are: Deduction/Credit 2014 Amount 2013 Amount Standard deduction for single or married filing separate taxpayers $3,992 … Continue reading 2014 Personal Income Tax Deduction Schedule