California Taxes – Tax Accountants – Tax Service in Los Angeles, California

Educators can still take $250 of unreimbursed expenses as a deduction off the top of their income. Now, no more teachers’ dirty looks.

If you are in a 10 or 15% tax bracket ($32,500 for singles and $43,650 for married filing jointly), you will have no tax on capital gains. Unfortunately, with the current economy capital gains is an endangered species. Note: you are limited to a $3,000 a year loss. Anything more than that carries forward into the following year.