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Standard Deduction

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BUSINESS
November 10, 2006 | From the Associated Press
The standard deduction for married couples filing a joint income tax return will rise $400 to $10,700, the Internal Revenue Service said Thursday. The changes will affect 2007 returns. The deduction for singles and married individuals filing separately will go up $200 to $5,350, and for heads of household it will rise $300 to $7,850.
ARTICLES BY DATE
BUSINESS
March 9, 2014 | By Kenneth R. Harney
WASHINGTON - You may have seen reports about a major tax reform proposal floated recently by Rep. Dave Camp of Michigan, the chairman of the House Ways and Means Committee. But you probably didn't see the grisly list of long-standing home real estate tax benefits that would be eliminated or sharply reduced under Camp's plan. Here's a quick overview. But first, some basics: •This is no back-of-the-napkin set of proposals. Camp and his committee - the primary tax-writing panel in Congress - have been working on this for two years.
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CALIFORNIA | LOCAL
February 8, 2000
Re "The Fallacy of the Marriage 'Penalty,' " by David Blankenhorn, Commentary, Feb. 3: Obviously politicians don't want to reduce two-earner married couples working, because it creates more day care centers, more jobs, more latchkey kids, more divorces, more taxes paid and they all vote. The politicians should lead our country by asking parents to be more responsible with their children. If they really cared, they would continue penalizing dual-working married parents with school-age children and reward single-working married parents with large tax credits.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- It's that time of year. California's Franchise Tax Board, which handled 16 million state income tax returns last year, is urging people who got early W-2 forms from their employers to file now for a quick refund. “The good news is they can log on to our website and file their taxes today,” said spokeswoman Denise Azimi. The biggest change for 2013 personal returns is a jump in the standard deduction for singles from $3,841 to $3,906. For joint filers it rose from $7,682 to $7,812.
NEWS
April 15, 1988 | LEO C. WOLINSKY, Times Staff Writer
Taxpayers who do not itemize their deductions would receive a $50 break on their state income taxes next year under a revised "tax simplification" measure unveiled Thursday by two key lawmakers. Advancing their proposal on the eve of tonight's income tax filing deadline, Assemblymen Elihu Harris (D-Oakland) and Dennis Brown (R-Signal Hill) announced the introduction of legislation to boost the standard deductions claimed by all taxpayers who do not itemize.
BUSINESS
December 28, 1993 | From Times Staff and Wire Reports
IRS Raises Mileage Allowance for 1994: The Internal Revenue Service said motorists who drive their cars on business trips can deduct an extra penny a mile next year. The allowable expense account claim for business driving of cars will rise to 29 cents a mile. Parking fees, tolls, interest on car loans and vehicle taxes can be deducted separately in addition to the base deduction.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- It's that time of year. California's Franchise Tax Board, which handled 16 million state income tax returns last year, is urging people who got early W-2 forms from their employers to file now for a quick refund. “The good news is they can log on to our website and file their taxes today,” said spokeswoman Denise Azimi. The biggest change for 2013 personal returns is a jump in the standard deduction for singles from $3,841 to $3,906. For joint filers it rose from $7,682 to $7,812.
BUSINESS
March 9, 2014 | By Kenneth R. Harney
WASHINGTON - You may have seen reports about a major tax reform proposal floated recently by Rep. Dave Camp of Michigan, the chairman of the House Ways and Means Committee. But you probably didn't see the grisly list of long-standing home real estate tax benefits that would be eliminated or sharply reduced under Camp's plan. Here's a quick overview. But first, some basics: •This is no back-of-the-napkin set of proposals. Camp and his committee - the primary tax-writing panel in Congress - have been working on this for two years.
OPINION
February 7, 1988
It seems odd the government, in the form of the IRS, would suddenly impose a severe penalty on people trying to help people! We refer of course to the change in charitable contributions which can no longer be claimed as a deduction unless Form 1040 is itemized. We had thought early in the year the change meant the cash donations would have to be itemized on the return as to the organization, address, and amount. With that in mind, we carefully saved cancelled checks, 123 of them for a total of $3,335, only to find that itemizing means preparing a long form with regard to medical, casualty, etc. This is like mixing oil and water as the people who have catastrophic expenses will be the least able to give money away.
BUSINESS
December 15, 1991 | CARLA LAZZARESCHI
Q: Year-end tax advice always suggests bunching and spacing deductible payments to get the best deal when we file a tax return. I want to do that to qualify for filing an itemized income tax return. I am thinking of bunching two years' in tax payments in a single year. Can you evaluate the wisdom of my plan, as well as its legality? --G. S. B. A: Your scheme is perfectly legal, but whether it makes financial sense--or even common sense--is another matter. Let's review your plan.
CALIFORNIA | LOCAL
September 9, 2011 | By Patrick McGreevy and Anthony York, Los Angeles Times
State lawmakers Thursday were considering sweeping changes to a landmark environmental law with a measure that would allow the governor to exempt large development projects from lengthy court challenges. The proposal is modeled on a separate bill that would give that benefit to developers of a proposed football stadium in downtown Los Angeles. Introduction of the bill in the final days of the legislative session, amid a flurry of other activity, raised alarm among some environmentalists.
BUSINESS
November 10, 2006 | From the Associated Press
The standard deduction for married couples filing a joint income tax return will rise $400 to $10,700, the Internal Revenue Service said Thursday. The changes will affect 2007 returns. The deduction for singles and married individuals filing separately will go up $200 to $5,350, and for heads of household it will rise $300 to $7,850.
CALIFORNIA | LOCAL
February 8, 2000
Re "The Fallacy of the Marriage 'Penalty,' " by David Blankenhorn, Commentary, Feb. 3: Obviously politicians don't want to reduce two-earner married couples working, because it creates more day care centers, more jobs, more latchkey kids, more divorces, more taxes paid and they all vote. The politicians should lead our country by asking parents to be more responsible with their children. If they really cared, they would continue penalizing dual-working married parents with school-age children and reward single-working married parents with large tax credits.
BUSINESS
December 28, 1993 | From Times Staff and Wire Reports
IRS Raises Mileage Allowance for 1994: The Internal Revenue Service said motorists who drive their cars on business trips can deduct an extra penny a mile next year. The allowable expense account claim for business driving of cars will rise to 29 cents a mile. Parking fees, tolls, interest on car loans and vehicle taxes can be deducted separately in addition to the base deduction.
BUSINESS
December 15, 1991 | CARLA LAZZARESCHI
Q: Year-end tax advice always suggests bunching and spacing deductible payments to get the best deal when we file a tax return. I want to do that to qualify for filing an itemized income tax return. I am thinking of bunching two years' in tax payments in a single year. Can you evaluate the wisdom of my plan, as well as its legality? --G. S. B. A: Your scheme is perfectly legal, but whether it makes financial sense--or even common sense--is another matter. Let's review your plan.
NEWS
April 15, 1988 | LEO C. WOLINSKY, Times Staff Writer
Taxpayers who do not itemize their deductions would receive a $50 break on their state income taxes next year under a revised "tax simplification" measure unveiled Thursday by two key lawmakers. Advancing their proposal on the eve of tonight's income tax filing deadline, Assemblymen Elihu Harris (D-Oakland) and Dennis Brown (R-Signal Hill) announced the introduction of legislation to boost the standard deductions claimed by all taxpayers who do not itemize.
CALIFORNIA | LOCAL
September 9, 2011 | By Patrick McGreevy and Anthony York, Los Angeles Times
State lawmakers Thursday were considering sweeping changes to a landmark environmental law with a measure that would allow the governor to exempt large development projects from lengthy court challenges. The proposal is modeled on a separate bill that would give that benefit to developers of a proposed football stadium in downtown Los Angeles. Introduction of the bill in the final days of the legislative session, amid a flurry of other activity, raised alarm among some environmentalists.
NEWS
October 9, 1985 | Associated Press
The House Ways and Means Committee voted Tuesday to raise standard deductions considerably above levels proposed by President Reagan and defeated Republican efforts to raise personal exemptions to the $2,000 recommended by Reagan.
OPINION
February 7, 1988
It seems odd the government, in the form of the IRS, would suddenly impose a severe penalty on people trying to help people! We refer of course to the change in charitable contributions which can no longer be claimed as a deduction unless Form 1040 is itemized. We had thought early in the year the change meant the cash donations would have to be itemized on the return as to the organization, address, and amount. With that in mind, we carefully saved cancelled checks, 123 of them for a total of $3,335, only to find that itemizing means preparing a long form with regard to medical, casualty, etc. This is like mixing oil and water as the people who have catastrophic expenses will be the least able to give money away.
NEWS
October 9, 1985 | Associated Press
The House Ways and Means Committee voted Tuesday to raise standard deductions considerably above levels proposed by President Reagan and defeated Republican efforts to raise personal exemptions to the $2,000 recommended by Reagan.
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