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Jun 16, 2023 · Here is the net worth needed to be considered “wealthy” in California. San Francisco: $4.7 million; Southern California (including the L.A. and San Diego areas): $3.5 million
Apr 10, 2024 · According to the California State Auditor, 9 state agencies managed by the California Interagency Council on Homelessness (Cal ICH) have collectively spent billions in state funds over the past five years to support at least 30 programs aimed at preventing and ending homelessness.
- What You Need to Know About California State Taxes
- Income Tax Deductions For California
- California State Income Tax Credits
- Do I Have to Pay Income Tax in California?
- Property Taxes and Property Tax Rates
Generally, the state of California requires you to pay taxes if you are a resident or nonresident that receives income from a California source. The state income tax rates range from 1% to 12.3%, and the sales tax rate is 7.25% to 10.75%. California offers tax deductions and credits to reduce your state tax liability, including a standard deduction...
Standard Deduction
California offers a standard and itemized deduction for taxpayers. The 2023 standard deduction allows taxpayers to reduce their taxable income by $5,363 for single filers or couples filing separately ($10,726 for married filing jointly, head of household and qualifying surviving spouses).
Itemized Deductions
A taxpayer may qualify for the itemized deduction if the amounts exceed the standard deduction. California allows for itemized deductions as follows: 1. Medical and dental expenses 2. Mortgage interest on home purchases up to $1,000,000 3. Job expenses and certain miscellaneous expenses 4. Gambling losses, which are deductible to the extent of gambling winnings
Disaster Loss Deduction
A taxpayer may deduct a casualty loss caused by a disaster declared by the President or the governor. The damage must be sudden, unexpected or unusual from an earthquake, fire, flood or similar event. You can claim a casualty loss if you do not receive an insurance reimbursement or other type of reimbursement for the property that is destroyed or damaged. The state of California allows a deduction for a disaster losssuffered in California.
Earned Income Tax Credit: The CalEITC or YCTC Tax Credits
You can claim the California earned income tax credit (CalEITC) if you work and have low income (up to $30,950). The amount of the credit ranges from $285 to $3,529. You can also qualify for the young child tax credit (YCTC) if you if you earn less than $30,931 and have a qualifying child under the age of 6. If you qualify for the YCTC, you may receive up to $1,117. Both credits are refundable.
The Child and Dependent Care Credit
You can claim the child and dependent care credit if you paid someone to care for your child, a dependent or spouse while you worked. The credit is nonrefundable, which means it can offset only the amount that you owe in taxes.
The College Access Tax Credit
California allows taxpayers to contribute to a state fund that provides financial aid for low-income students to attend college. Taxpayers who make these contributions can claim up to 50% of their contributions on their tax return. This is a nonrefundable tax credit.
You are required to file a California tax return if you receive income from California sources, have income above a certain thresholdand fall into one of the following categories: 1. Resident 2. Part-Year Resident 3. Nonresident
Property Tax Exemptions
California provides property tax exemptions for homeowners, veterans, nonprofit and religious organizations, public schools, landlords and owners of qualifying personal property (such as certain artworks).
Capital Gains Taxes
California allows taxpayers to report gains and losses from the sale of capital assets. Unlike federal income taxes, which may involve lower rates on capital gains, the state of California taxes capital gains as ordinary income.
Feb 14, 2023 · State and local governments, and some private funders, are launching dozens of pilot projects making direct, monthly payments to low-income residents to help meet basic needs. Researchers will study what happens next. Key question: will this money add to, reform, or supplant current welfare programs?
Apr 9, 2024 · California has spent $20 billion over the past five years dedicated to the state’s homelessness crisis, including funneling money toward supporting shelters and subsidizing rent.
Aug 3, 2023 · Simply put, it’s time for California to accept reality. There will never be “50 Million Californians,” as demographers have predicted for decades. Instead, the population will stall out at...
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Jun 13, 2023 · Many settled in California after slavery ended, some creating wealth, buying land and building communities, only to face generations of discrimination, land theft or seizure, disproportionate...
