Paul Anderson, CPA & Bookkeeping Firm

Aircraft & Vessel Taxation ✈️🚢 Where’s your plane or boat kept? Private aircraft are taxed at their home airport, and boats worth over $400 are taxed where they’re usually stored.

To claim a child as a dependent, they must be younger than you OR younger than 19 years old, OR they are under 24 years old AND considered a student for the tax year you are filing for. If your child is permanetly and totally disabled, there is no age limit.

New Construction & Property Tax 🏗️ New construction generally increases taxable property value. If incomplete by January 1 (lien date), the assessor estimates its value until it's finished and fully reappraised.

Alcoholic Beverage Tax in CA 🍷🍺 A per-gallon excise tax applies to the sale, import, or distribution of alcoholic beverages in California. Funds go to state programs.

EIN Insurance Rule Change 📜 Since May 24, 2012, only one responsible party needs EIN coverage to ensure fair tax treatment for all.

Insurance Company Taxes 🏦 Insurance companies in California pay a gross premiums tax. Some may also owe a retaliatory tax if their home state taxes CA insurers at a higher rate.

On June 6, 1978, California voters overwhelmingly approved Proposition 13, a property tax limitation initiative. This amendment to California’s Constitution was the taxpayers’ collective response to dramatic increases in property taxes and a growing state revenue surplus of nearly $5 billion.

Proposition 13 rolled back most local real property, or real estate, assessments to 1975 market value levels, limited the property tax rate to 1 percent plus the rate necessary to fund local voter-approved bonded indebtedness, and limited future property tax increases.