For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. The American Taxpayer Relief Act of 2012 has extended this break — but only through 2013. The break can be valuable to those residing in states with [...]
Archive for Latest News
CAREER OPPORTUNITY: Mechanical Contracting Construction Estimator (HVAC/Mechanical/Plumbing/Piping/Sheet Metal)
Mechanical Contracting Construction Estimator (HVAC/Mechanical/Plumbing/Piping/Sheet Metal) Office Location: Orange County, California Salary: $ Highly competitive base compensation package plus benefits and bonuses Term: Long term, full time, direct hire career opportunity Hire Date: Immediate Our client, a best in class, highly established and reputable Mechanical contracting firm, is actively seeking a multifaceted Mechanical Construction Estimator [...]
In 2011, California enacted new legislation requiring the State Board of Equalization to charge an amount (not to exceed $150) as a fire prevention fee on each structure within a state responsibility area. Each year, the State Department of Forestry and Fire Prevention submits the names and addresses of those liable for the fee and [...]
Now that the 2012 tax return deadline is nearly upon us, if you haven’t filed your return yet, you may be thinking about an extension. This allows you to delay filing your return until the applicable extension deadline: Individuals – Oct. 15, 2013 Calendar-year partnerships – Sept. 16, 2013 Trusts and estates – Sept. 16, [...]
Baby boomers marching toward retirement need to develop a plan to transition themselves out of their leadership role in their construction company. The succession plan should cover everything from naming a successor to choosing the right method for shifting ownership to that successor and perhaps other family members.
Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But starting this year, the maximum limit is $2,500. If you’re concerned about a lower limit and aren’t contributing to a Health Savings Account (HSA), look into whether you’re eligible – you must be covered by [...]
On March 20, the IRS issued guidance providing penalty relief to both individual and business taxpayers who file for an extension of their 2012 tax return and ultimately owe additional tax — but only if they meet certain criteria. First, the reason for filing for the extension must be that the taxpayer’s 2012 return involved [...]
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years.