Client Memo – Section 179 Deduction & Bonus Depreciation
If you are considering making fixed asset purchases for your business, here are some substantial tax-saving opportunities that we would like to bring to your attention. Federal Section 179 deduction For the tax year 2011, the limit is $500,000 and the maximum dollar amount of machinery and equipment that can be purchased is $2 million. […]
Client Memo – Tax Matter Updates
California sales tax rates to decrease on July 1, 2011 – Effective July 1, 2011, the combined statewide sales and use tax base tax rate will decrease from 8.25% to 7.25%. In areas where there are voter-approved district taxes, the total tax rate related to sales and purchases will be the statewide base tax rate […]
Client Memo – Tax Change References
With numerous recently enacted tax law changes, we’ve compiled a list of helpful resources available on our website (www.fbco.com) for your reference as follows: 2010 Tax Law Changes – Extension of Bush-era tax cuts and unemployment benefits, retention of refundable tax credits, and provision of AMT relief – Bush-Era Tax Cuts Extended. Additional California enterprise […]
Client Memo – Mandatory E-Pay
On September 30, 2008, Governor Schwarzenegger signed into law a requirement for certain individuals to remit all California state income tax payments electronically once they: Make an estimated income tax or extension payment over $20,000 for the taxable year beginning on or after January 1, 2009; or File an original return with an income tax […]
Client Memo – Bush-era Tax Cuts Extended
On December 17, 2010, President Obama signed into law the bipartisan tax bill to extend various Bush-era tax cuts and create tax breaks for all. Below is a summary of some of the important provisions: Temporary extension of current tax rates through 2012 Tax Rates Individual 10% 15% 25% 28% 33% & 35% Long-term capital […]
Client Memo – 2011 Payroll Tax Update
Effective January 1, 2011, new payroll rates go into effect, changing deductions on all payroll checks. The social security & self-employment tax wage base will not change for 2011. The employee share of the social security tax & the self-employment tax will be decreased to 4.2% while the employer share remains at 6.2%. Again in […]
Client Memo – Year End Tax Planning 2011
With the end of the year fast approaching, we would like to remind you that this is a good time to start your year-end tax planning. Here are a few year-end tax planning considerations for your review: Estate planning – Please make sure that your will and trust documents are current, and that you have […]
Client Memo – Federal Tax Credit Coupons Discontinued
Beginning on January 1, 2011, Federal tax deposits made by paper coupons (form 8109) will no longer be processed. All taxpayers that currently use form 8109 coupons for their federal tax deposits will have to deposit their federal taxes through the Electronic Federal Tax Payment System (EFTPS) after the end of 2010. According to the […]
