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Capital Gains Tax Archives

Capital gains and the estate tax

In the process of beginning to create an estate plan a lot of people have probably heard that it is best to give away a substantial portion of one’s wealth before they are gone in order to minimize tax liability and to make sure that gifts go to the people and organizations that they are intended for. This can be a very good method for pre-emptively managing an estate, but in some circumstances might not be the best possible option.

California has highest capital gains tax

Determining one's capital gains tax can be simple for California residents, but it can also become complicated for certain kinds of assets. You need to have held on to an asset for at least a year or more or it will be categorized as a short-term capital gain and be taxed at the same rate as regular income. One should also remain mindful of the fact that, for high-income earners, the Golden State has the highest rate at 13.3 percent.

What this translates into for a high-income earner is paying a combination of state and federal long-term capital gains taxes that can hit a total rate of 33.3 percent. Don't forget to add the 3.8 percent Medicare tax to that figure. Add it all up and you can easily see how important it is to engage in some careful and knowledgeable tax planning.

Retroactive taxes may scare off California entrepreneurs

The California Franchise Tax Board recently made a decision to retroactively collect taxes that the state's business owners and investors had been told they would not be expected to pay. It started 20 years ago when the state offered a capital gains tax incentive to motivate entrepreneurs and investors to set up in California.

Common adjustments for California income tax: part two

Last week we talked about a few common income adjustments that California taxpayers can use. For example, unemployment compensation and some disability benefits are not taxable in the state, which can lead to an adjustment of your taxable income and help you keep more of your money.

Capital gains tax changes and your business

As we discussed last month, the much-talked-about fiscal cliff made included some changes to capital gains tax rates. Capital gains tax for households earning more than $450,000 (or individuals making more than $400,000) will also jumped from 15 percent to 20 percent. This combines with the health-care reform taxes, bringing the top federal tax on long-term capital gains to 23.8 percent.

What does the fiscal cliff deal mean to me?

As Alameda County residents celebrated the end of one year and the beginning of a new one, members of Congress were busy reaching an agreement that prevented the country from going over the so-called fiscal cliff. While most people were just happy to learn that a deal had been reached on New Year's Day, the question soon became: What does the deal mean to me?

Mansion sellers seek buyers as fiscal cliff nears

It is impossible to turn on the cable news or the radio in San Francisco, or go online without reading, seeing or hearing about the fiscal cliff. There are just two weeks planned for Congress to be in session and the future is still murky.

Do high taxes drive millionaires away? Not so much.

While in the midst of a presidential campaign season there is a great deal of talk about taxes. In California, we are facing two new tax-related propositions -- Proposition 30 and Proposition 38. Amid the discussions, an interesting analysis of IRS data has taken a look at millionaires and whether or not they are voting with their feet or their pocketbooks or both.

California real estate ownership has tax benefits

Our readers in the Bay Area are aware that there are many ways in which people can minimize current tax liabilities. There are also ways in which you can limit future tax liabilities. Occasionally there are ways in which you can do both.

1993 California tax law ruled illegal

California is in competition with other states. We want the smartest children to come to our colleges. We would like people to buy our oranges rather than Florida's. And we are rightfully proud of Silicon Valley's reputation, Hollywood's entertainment value and our beautiful national parks.

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