Volunteer Hotline 1.800.522.5665. What’s New Dependent Exemption Decrease.25 Percent Tax Increase (one quarter of one percent). Cash for Clunkers Capital.

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Presentation transcript:

Volunteer Hotline

What’s New Dependent Exemption Decrease.25 Percent Tax Increase (one quarter of one percent). Cash for Clunkers Capital Gain New Home Credit Estimated Tax Payments –Again! Mortgage Debt Relief expired.

Dependents Exemption credit reduced from $309 to $98. Note: Check the filing requirement chart in 540/540A Booklet. Increased filing requirements.

Increased Tax One quarter of a percent tax increase =.25%. Maximum tax in California = 9.55%. Withholding tables increased November 1, Note: Check the filing requirement chart. Increased filing requirements.

Cash for Clunkers Cash for Clunkers applies only if there is a capital gain. Capital Gain = $4500 Clunker Cash – Basis (original cost of vehicle minus depreciation).

New Home Credit New homes purchased after 3/1/09 and before 3/1/10. Purchased home has never been occupied. Credit is the lesser of 5% of purchase price or $10,000. Seller issued California certificate required. FTB Publication 3528, available 12/31/09.

Estimate Payments – Again! Requirements have changed. 1 st Quarter = 30% 2 nd Quarter = 40% 3 rd Quarter = 0% 4 th Quarter = 30% Taxpayers with a liability less than $500 will not be assessed an estimate penalty.

Mortgage Debt Relief Expired California no longer partially conforms to federal mortgage debt relief C out of scope. Paid preparers may eliminate tax debt generated by a 1099-C through insolvency.

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