Tax Relief Blog
Mike Habib, EA tax firm provides a wide range of tax preparation, tax planning, tax representation and consulting services. We professionally prepare individual and business tax returns including Federal, State and e-filing. Clients come to us for expert assistance with any tax notice or IRS problem. We serve Pico Rivera, El Monte, CA and other surrounding cities.
IRS – FTB – CDTFA – BOE – EDD Tax Help
Please call us at 562-204-6700 or email us to schedule an appointment.
Mike Habib is an IRS licensed Enrolled Agent and represents taxpayers in all 50 states, you should consider hiring a licensed and professional tax firm to handle your tax matters. Taxes are a large chunk of your cash pie and you should carefully consider the tax firm you want to partner with. If you live or do business in Pico Rivera or El Monte CA, we can be your tax partner. Tax planning is a powerful tool to minimize your tax liability legally before year end. Filing by April 15 is historical and usually too late for any tax planning. We also represent the audited taxpayers before the IRS, the FTB, EDD, CDTFA and BOE for various audits, unpaid back taxes and collection matters.
Please call us at 562-204-6700 or email us to schedule an appointment.
Mike Habib EA is an accredited member of the BBB better business bureau with an A+ rating. Mike is an active member of CSEA – California Society of Enrolled Agents, and NAEA – National Association of Enrolled Agents.
Clients in Pico Rivera or El Monte CA hire us for our tax expertise and special skill set as they need:
– Quality tax service for individuals, home owners and small businesses
– Professional, fully licensed to prepare, represent and plan tax matters
– Fast service
– Reasonable rates
– Open all year
– Tax seminars for small business available
Please call us at 562-204-6700 or email us to schedule an appointment.
IRS – FTB – CDTFA – BOE – EDD Tax Help
Income Tax Rates
Beginning in tax year 2013, a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates–10, 15, 25, 28, 33 and 35 percent – remain the same as in prior years.
Due to inflation, tax-bracket thresholds increased for every filing status. For example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $72,500 for a married couple filing a joint return.
Estate and Gift Taxes
The recent overhaul of estate and gift taxes means that there is an exemption of $5.25 million per individual for estate, gift and generation-skipping taxes, with a top rate of 40%. The annual exclusion for gifts is $14,000.
Alternative Minimum Tax (AMT)
AMT exemption amounts were made permanent and indexed for inflation retroactive to 2012. In addition, non-refundable personal credits can now be used against the AMT. For 2013 exemption amounts are $51,900 for single and head of household filers, $80,800 for married people filing jointly and for qualifying widows or widowers, and $40,400 for married people filing separately.
Whether your business file as a Pico Rivera or El Monte CA corporation or sole proprietor here’s what business owners need to know about tax changes in 2013.
Standard Mileage Rates
The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $50,000. The credit can be claimed in tax years 2010 through 2013 and for any two years after that. The maximum credit that can be claimed is an amount equal to 35% of premiums paid by eligible small businesses.
Credit for Hiring Qualified Veterans
The maximum credit that employers can take for hiring qualified veterans in 2013 is $9,600 per worker for employers that operate for-profit businesses, or $6,240 per worker for tax-exempt organizations.
Section 179 Expensing
In 2013 the maximum Section 179 expense deduction for equipment purchases is $500,000 of the first $2,000,000 of certain business property placed in service during the year. The bonus depreciation is 50% for qualified property that exceeds the threshold amount.
IRS – FTB – CDTFA – BOE – EDD Tax Help
Tax service for Pico Rivera, CA Zip codes: 90601, 90606, 90640, 90660, 91733.
Tax service for El Monte, CA Zip codes: 91731, 91732, 91734, 91735.
