A big issue is that California has the highest state income tax rate in the nation but among the lowest property tax rates. The bill dramatically scales back a deduction for state and local taxes, limiting the deduction to just property taxes and capping it at $10,000. About a third of California taxpayers took the deduction in 2015.
The GOP tax plan unveiled Thursday would be a blow to many California taxpayers. That’s not a deal breaker for California’s Republicans, who so far seem optimistic the bill is the best deal for their constituents.
Even as some Republicans from states that would also lose out under the plan threatened to vote no, Californians’ reactions ranged from merely skeptical to enthusiastic.
read more at: http://www.sandiegouniontribune.com/news/us-politics/la-pol-ca-tax-cuts-reaction-20171103-story.html
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It’s tax season. If you’d hoped to file right away to get a quick refund, you may be out of luck if you are claiming such things as an energy-efficient-home credit, residential energy credits in general or a mortgage interest credit.
That’s because Congress’s last-minute fiscal cliff agreement in early January forced the IRS to get a late start on modifying the forms associated with those programs to reflect the tax law changes. Those forms are not expected to be available until late February or early March. If you’re in that boat, check http://www.irs.govduring the next few weeks for an announcement about when they will be ready.
Want to appeal your property tax rate? Contact the appraisers at www.scappraisals.com.
Homeowners, though, will get some breaks. First, for the present at least, Congress did not modify or repeal your right to deduct the mortgage interest you pay. There are, however, some limitations for high-income earners. If you are single and earn more than $400,000 (or more than $450,000 if married), personal exemptions will be phased out and itemized deductions will be limited. If you fall in that category, you must discuss your specific situation with your tax and financial advisers.
Read more at: http://www.washingtonpost.com/realestate/2013/01/31/a33e1e4e-6649-11e2-93e1-475791032daf_story.html
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