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Important Filing Dates

 

 

 

 

 

September 16, 2013

Your 3rd quarter Federal  estimated tax payments are due. 

 

Extended California corporation and partnership returns are due.

Extended trust returns are due.

 

October 15, 2013

Individual 2021 extended tax returns are due.

 

Deadline to fund your 2012 SEP IRA or pension fund.

 

January 2014

Wayland & Vukadinovich LLP provides information on some new and exciting ways to make your tax  preparation easier!

 

 

 

 

 

 

 

 

 

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The South Bay Tax Report    

June 30 2013
  
  

 

 

   Summer Life In Hermosa Beach

It's summer time, the 4th of July is fast approaching, but we here in Hermosa Beach don't celebrate it the way most Americans celebrate.

Well, yes, of course, Hermosa Beach residents sit on the beach, drink various adult beverages, and watch some fireworks (Hermosa Beach doesn't have their own fireworks show, we cast our eyes down the coast and watch the Redondo Beach show),

 but Hermosa Beach is - somewhat - famous for the

Hermosa Beach Ironman,

a "competition" to see who can post the best time in running a mile, paddling a mile and - this is the tough part - drinking a six-pack of beer.

You've got to admit that we seem to play by a different set of rules here in Hermosa Beach.

We at Wayland & Vukadinovich don't go in much for that Ironman - we prefer "Ironman"type efforts in increasing our knowledge about all of the new tax law changes, including many changes effective this year due to the implementation of the

Patient Protection and Affordable Care Act

(also know as "Obamacare.")

       

  

Fascinating Facts About Capital Gains and Losses

Yes, we admit it - we find capital gains and loss facts fascinating.

Does it get any better than a stirring discussion of

the "wash sales" rules?

We think not.

So, here are some fascinating facts about capital gains and losses:

 

 

  • Almost everything you own is a capital asset. Capital assets include your home, household furnishings, and stocks and bonds that you hold as investments;
  • A capital gain or loss is the difference between your basis (usually what you paid for an asset) and the amount you receive when you sell it;
  • You must include all capital gains in income;
  • You can deduct those capital losses on the sale of investment property (We certainly all have some of those). You cannot deduct losses on the sale of personal-use property;
  • Capital gains and losses are long-term or short-term, depending on how long you have held the property. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term;
  • If your long-term gains exceed your long-term losses, the difference between the two is a net long-term capital gain. If your net long-term capital gain is more than your net short-term capital loss, you have a net capital gain.
  • Tax rates that apply to net capital gains are generally lower than the tax rates that apply to other types of income - the maximum capital gains rate for most people is 15%, for those with higher incomes, the rate can increase to 20%.
  • If your capital losses are greater than your capital gains, you can deduct the difference between the two amounts up to $3,000 annually;
  • If your total net capital loss is more than the limit you can deduct, you can carry over those losses to next year's return.

Wow - see how interesting and fascinating capital
 gains and losses can be!!!  

 

 

Who Needs to Pay Estimated Tax?

Those of us who have income that is not subject to withholding (like interest, dividends, rents, alimony payments from that slimy ex-spouse, gambling, or self-employment income from all of those items you sell on e-bay) must pay estimated tax or face a penalty!

In addition, taxpayers who do not elect voluntary withholding on certain types of income such as unemployment or Social Security payments also may have to make estimated tax payments or face that dreaded penalty.

Your next estimated tax due date is September 15th - we can provide vouchers, instructions, and a sympathetic shoulder to cry on about either your estimated tax payments or your slimy ex-spouse.

 

 

Tracking Your Federal Tax Dollars

We mention this nifty website each year - it's maintained by a group called Third Way.

If you provide the website with the total Federal tax you paid in 2012, it will provide you with an itemized taxpayer receipt that outlines what your tax dollars actually were used for.

It's FASCINATING - of course, we believe that a treatise on partnership tax issues is THE BEST way to spend a Saturday afternoon.

In any event, visit Third Way using the link below and find out what you pay for.

 

 Tracking Your Federal Tax Dollars

 

 

Have You had "THE" Talk?

 No - we don't mean that talk you have with your children to discuss "those" issues.

We mean the talk you have with your parents before you start to worry about their ability to handle their personal financial affairs.

Discussing financial information with aging parents will make a huge difference when decisions need to be made in later years.

Consider talking to your parents about:

 

Estate documents 

Have they prepared their will, their trust, and their health care directives?

If so, where are those documents located?

 

Financial documents

Where do your parents maintain important documents such as brokerage and bank statements, insurance and annuity policies, other investment documents, and IRA/SEP/Roth beneficiary information?

 

Professionals

If something were to happen to your parents tomorrow, whom should you call or contact about their financial, medical, and legal situation? 

 

Wishes for future living arrangements

Do your parents have a vision for their medical care and future living arrangements?

 

Funeral arrangements and burial instructions 

Do your parents have any specific burial wishes? Do they have any funeral arrangements, and / or have they prepaid for funeral arrangements.

 

 

 

What Makes a Hot Dog

Okay, we admit it - this has NOTHING to do with income taxes but it's just in time for summer as your friends at the California Assembly have recently passed AB 1252 which provides a legal definition of a "hot dog."

(Remember - they get PAID to do this).

"Hot dog" means a whole, cured, cooked sausage that is skinless or stuffed in a casing, that may be known as a frankfurter, frank, wiener, red hot, Vienna, bologna, garlic bologna or knockwurst, and that may be served in a bun or roll."

The Assembly, of course, wants to define the hot dog so that health departments can enforce sanitation standards for hot-dog carts.  

  Personally, we're thrilled they are spending more time on hot dogs and less time on tax laws. Perhaps we can work on a definition of "hamburger " in the next Assembly session.

 

 

 

 

Just one final note -

We've redesigned our website; it's still a work in progress but it's up and running.

Visit it at

Wayland & Vukadinovich

 

 

 

 

 

 

    

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Wayland 2Contact Us

 Visit our website:

   

 Gary Wayland - [email protected]
Mike Vukadinovich - [email protected]
Susan Patterson - [email protected]
Sonia Tramel - [email protected]
Midge Leatherbury - [email protected]
Debbie Reasor - [email protected]
Gina Stevens - [email protected]
Bradford Fishback - [email protected]
Shelly Milam - [email protected]
 

Certified Public Accountants
1097 Aviation Blvd
Hermosa Beach CA 90254
(310) 376-0455   (310) 379-4523 fax