Issue link: https://www.epageflip.net/i/246352
6B Daily News – Wednesday, January 22, 2014 Higher-income Americans hit hardest by tax changes WASHINGTON (AP) — Higher-income Americans and some legally married same-sex couples are likely to feel the biggest hits from tax law changes when they file their federal returns in the next few months. Taxpayers also will have a harder time taking medical deductions. In other changes for the 2013 tax year, the Alternative Minimum Tax has been patched — permanently — to prevent more middle-income people from being drawn in, and there's a simpler way to compute the home office deduction. Tax rate tables and the standard deduction have been adjusted for inflation, as has the maximum contribution to retirement accounts, including 401(k) plans and Individual Retirement Accounts. The provisions were set by Congress last January as part of legislation to avert the fiscal cliff of tax increases and spending cuts. ''We finally got some certainty for this year,'' said Greg Rosica, a contributing author to Ernst & Young's ''EY Tax Guide 2014.'' Nevertheless, the filing season is being delayed because of the two-week government shutdown last October. The Internal Revenue Service says it needs the extra time to ensure that systems are in place and working. People will be able to start filing returns Jan. 31, a week and a half later than the original Jan. 21. ''People who are used to filing early in order to get a quick refund are just going to have to wait,'' said Barbara Weltman, a contributing editor to ''J.K. Lasser's Your Income Tax 2014.'' No change in the April 15 deadline, however. That's set by law and will remain in place, the IRS says. HIGHER-INCOME TAXPAYERS The tax legislation passed at the start of 2013 permanently extended the Bush-era tax cuts for most people, but also added a top marginal tax rate of 39.6 percent for those at higher incomes — $400,000 for single filers, $450,000 for married couples filing jointly and $425,000 for heads of household. On top of that, higher-income taxpayers could see their itemized deductions and personal exemptions phased out and pay higher capital gains taxes — 20 percent for some taxpayers. And there are new taxes for them to help pay for health care reform. There are different income thresholds for each of these new taxes. An additional 0.9 percent Medicare tax, for example, kicks in on earnings over $250,000 for married couples filing jointly and $200,000 for singles and heads of household. Same for a 3.8 percent tax on investment income. But the phase-out of personal exemptions and deductions doesn't begin until $300,000 for married couples filing jointly and $250,000 for singles. Taxpayers who didn't plan could find themselves with big tax bills come April 15 — and perhaps penalties for underwithholding. ''It's a snowball effect,'' said Dave Du Val, TaxAudit.com's vice president of customer advocacy. Confused? ''The complexities of the tax code are only affecting those of us trying to read it,'' National Taxpayer Advocate Nina Olson said in an interview. Tax software makes a lot of those complexities invisible to most people. As a result, taxpayers might not realize they're being helped by a wide array of deductions and credits. ''They have no idea of the benefits they are getting through the tax code,'' she said. STOCK SALES One simplification: Many investors will find it easier to report stock sales if the 1099-B forms they receive contain key details of the sale and the correct basis for computing gains and losses. WHO'S FILING The IRS processed more than 147 million tax returns in 2013, down slightly from the previous year. More than 109 million taxpayers received refunds that averaged $2,744, also slightly less than in 2012. LEGAL NOTICE NOTICE OF TRUSTEE'S SALE T.S. No.: 2013-28813 Loan No.: 7100532469 PURSUANT TO CIVIL CODE § 2923.3(a), THE SUMMARY OF INFORMATION REFERRED TO BELOW IS NOT ATTACHED TO THE RECORDED COPY OF THIS DOCUMENT BUT ONLY TO THE COPIES PROVIDED TO THE TRUSTOR. p p attend the scheduled sale Date: 1/9/2014 Western Progressive, LLC, as Trustee c/o 30 Corporate Park, Suite 450 Irvine, CA 92606 Automated Sale Information Line: (866) 960-8299 http://altisource.com/resware/ TrusteeServicesSearch.aspx For Non-Automated Sale Information, call: (866) 240-3530 _________________________ Trustee Sale Assistant THIS FIRM IS ATTEMPTING TO COLLECT A DEBT AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE Publish: 2/5/2014 The upward trend of electronic filing continued, with more than 83 percent of returns being filed online. The biggest jump, 4.6 percent, was among people who used software programs to do their own taxes. The IRS is continuing to offer its Free File option, which is available to taxpayers with adjusted gross incomes of $58,000 or less. These taxpayers can use brand-name software to file their taxes at no cost. Some states also participate. The agency also has an option for taxpayers of all incomes — Free File Fillable Forms — which does basic calculations but does not offer the guidance that a software package would. For the 2013 tax year, the personal exemption is $3,900. The standard deduction is $12,200 for married taxpayers filing jointly, $6,100 for singles, and $8,950 for heads of household. EDUCATION Many credits and deductions were extended for 2013, including several for education. Among them: the American Opportunity Credit of up to $2,500 per student for tuition and fees and deductions for student loan interest and tuitionrelated expenses. Many of these are phased out at higher income levels. Schoolteachers will still be able to deduct up to $250 in outof-pocket expenses for books or other supplies. MEDICAL EXPENSES Taxpayers will still be able to deduct their medical expenses, but it will be more difficult for many to qualify. The threshold for deducting medical expenses now stands at 10 percent of adjusted gross income, up from 7.5 percent. There's an exception, though, for those older than 65. For them, the old rate is grandfathered in until 2017. HOME OFFICE DEDUCTION Among the other changes for 2013, taxpayers who work at home will now have a simplified option for taking a home office deduction. ''You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively,'' the IRS says. But, if you sit at your kitchen table and check work email, it doesn't qualify. ''The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job,'' according to the agency. The IRS said that for tax year 2011, the most recent year for which numbers are available, more than 3.3 million people claimed nearly $10 billion in home office deductions using Schedule C. The number does not include the home office deduction taken by farmers, which is taken on a different form. Most taxpayers claiming the deduction are self-employed, according to the IRS. Until this year, you had to figure actual expenses for a home office, according to Weltman. ''Starting with 2013 returns, if you're eligible for the deduction, you can take a standard deduction of $5 per square foot, up to 300 square feet,'' she said. The maximum deduction using this method is $1,500. The IRS says people who take the simplified option will have to fill out one line on Schedule C, as opposed to a 43line form. Weltman likened the simplified home office deduction to the IRS deduction for business use of your car. ''You can do your actual costs or the IRS mileage rates.'' The standard mileage rate for business use of a car in 2013 is 56.5 cents a mile. SAME-SEX MARRIAGE Beginning this year, same-sex couples who are legally married will for the most part have to choose married filing jointly or married filing separately when doing their tax returns. This is true even if they live in a state that does not recognize gay marriage. Many of these couples will now find themselves hit by the marriage penalty, especially if both spouses work. For example, with their incomes combined, they might hit the threshold for the extra Medicare taxes, or the beginning of the phase-out of deductions and the standard exemption. However, when it comes to things like estate taxes, the federal recognition of same-sex marriage will help legally married gay and lesbian couples. That was the issue in the Supreme Court decision in the case of Edith Windsor, who had to pay estate taxes after her lesbian spouse died. In addition, health insurance purchased from an employer for a same-sex spouse can be paid pre-tax and excluded from income. ''Like opposite-sex couples, gay and lesbian married couples can qualify to use the head-ofhousehold status, when kids are involved, where the spouses are living apart,'' the IRS says. Same-sex married couples also have the option of filing amended returns going back to 2010, using the married-filingjointly status. Rosica said couples will have to look at their individual circumstances to see if that's beneficial from a tax perspective. When it comes to filing state returns, same-sex married couples living in states that don't recognize gay marriage most likely will have to file as singles. Since federal returns often are used as a starting point for state returns, that could force them to calculate their federal taxes twice, once for filing the federal return and once for figuring out their state taxes. ENERGY EFFICIENCY If you made energy efficiency improvements to your home, such as installing new windows or a qualifying furnace or heat pump, you might be able to take an energy credit of 10 percent of the cost up to a lifetime maximum of $500. However, of that total, the IRS says, ''only $200 can be for windows, $50 for any advanced main air circulating fan, $150 for any qualified natural gas, propane, or oil furnace or hot water boiler, and $300 for any item of energy-efficient building property.'' There are additional credits for solar. However, the credit for plug-in electric vehicles has expired. Once again, the IRS is reminding taxpayers to make sure their Social Security numbers are entered correctly and their returns are signed. Those who feel they need more time can apply for an extension, until Oct. 15. But if you do file for an extension, remember to estimate and pay any taxes due — or face a possible penalty. ——— Online: Internal Revenue Service: www.irs.gov YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 12/24/2003. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. A public auction sale to the highest bidder for cash, cashier's check drawn on a state or national bank, check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, or savings association, or savings bank specified in Section 5102 of the Financial Code and authorized to do business in this state will be held by the duly appointed trustee as shown below, of all right, title, and interest conveyed to and now held by the trustee in the hereinafter described property under and pursuant to a Deed of Trust described below. The sale will be made, but without covenant or warranty, expressed or implied, regarding title, possession, or encumbrances, to pay the remaining principal sum of the note(s) secured by the Deed of Trust, with interest and late charges thereon, as provided in the note(s), advances, under the terms of the Deed of Trust, interest thereon, fees, charges and expenses of the Trustee for the total amount (at the time of the initial publication of the Notice of Sale) reasonably estimated to be set forth below. The amount may be greater on the day of sale. Trustor: RODNEY MOORE, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY Duly Appointed Trustee: Western Progressive, LLC Recorded 1/6/2004 as Instrument No. 000210 in book 2428, page 239 and rerecorded on --as --- of Official Records in the office of the Recorder of Tehama County, California, Date of Sale: 2/18/2014 at 2:00 PM Place of Sale: At the main entrance to the Tehama County Courthouse 633 Washington Street, Red Bluff, CA Estimated amount of unpaid balance and other charges: $159,836.31 Note: Because the Beneficiary reserves the right to bid less than the total debt owed, it is possible that at the time of the sale the opening bid may be less than the total debt. Street Address or other common designation of real property: 110 MANZANITA AVENUE, RED BLUFF, CALIFORNIA 96080 A.P.N.: 029-060-02 The undersigned Trustee disclaims any liability for any incorrectness of the street address or other common designation, if any, shown above. If no street address or other common designation is shown, directions to the location of the property may be obtained by sending a written request to the beneficiary within 10 days of the date of first publication of this Notice of Sale. NOTICE TO POTENTIAL BIDDERS: If you are considering bidding on this property lien, you should understand that there are risks involved in bidding at a trustee auction. You will be bidding on a lien, not on the property itself. Placing the highest bid at a trustee auction does not automatically entitle you to free and clear ownership of the property. You should also be aware that the lien being auctioned off may be a junior lien. If you are the highest bidder at the auction, you are or may be responsible for paying off all liens senior to the lien being auctioned off, before you can receive clear title to the property. You are encouraged to investigate the existence, priority, and size of outstanding liens that may exist on this property by contacting the county recorder's office or a title insurance company, either of which may charge you a fee for this information. If you consult either of these resources, you should be aware that the same lender my hold more than one mortgage or deed of trust on this property. NOTICE TO PROPERTY OWNER: The sale date shown on this notice of sale may be postponed one or more times by the mortgagee, beneficiary, trustee, or a court, pursuant to Section 2924g of the California Civil Code. The law requires that information about trustee sale postponements be made available to you and to the public, as a courtesy to those not present at the sale. If you wish to learn whether your sale date has been postponed, and, if applicable, the rescheduled time and date for the sale of this property, you may call (866)-960-8299 or visit this Internet Web site http://alti source.com/resware/TrusteeSer vicesSearch.aspx using the file number assigned to this case 2013-28813. Information about postponements that are very short in duration or that occur close in time to the scheduled sale may not immediately be reflected in the telephone information. The best way to verify postponement information is to d h h d l d l 1/22/2014; 1/29/2014; LEGAL NOTICE NOTICE OF TRUSTEE'S SALE Trustee Sale No. 114482 Title No. 120159334NOTE: THERE IS A SUMMARY OF THE INFORMATION IN THIS DOCUMENT ATTACHED YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 02/15/2007. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. On 02/04/2014 at 2:00 PM, The Mortgage Law Firm, PLC, as duly appointed Trustee under and pursuant to Deed of Trust recorded 02/27/2007, as Instrument No. 2007003696, in book xx, page xx, of Official Records in the office of the County Recorder of Tehama County, State of California, executed by Daryl D. Peterson and Vicki A. Peterson, Husband and Wife as Joint Tenants, WILL SELL AT PUBLIC AUCTION TO HIGHEST BIDDER FOR CASH, CASHIER'S CHECK/CASH EQUIVALENT or other form of payment authorized by 2924h(b), (payable at time of sale in lawful money of the United States), At the main entrance to the Tehama County Courthouse, 633 Washington Street, Red Bluff, CA 96080. All right, title and interest conveyed to and now held by it under said Deed of Trust in the property situated in said County and State, described as: FULLY DESCRIBED IN THE ABOVE DEED OF TRUST. APN 024-220-631 The street address and other common designation, if any, of the real property described above is purported to be: 12091 Alta Vista Ct, Red Bluff (Area), CA 96080 The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. Said sale will be made, but without covenant or warranty, expressed or implied, regarding title, possession, or encumbrances, to pay the remaining principal sum of the note(s) secured by said Deed of Trust, with interest thereon, as provided in said note(s), advances, if any, under the terms of said Deed of Trust, fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust. The total amount of the unpaid balance of the obligation secured by the property to be sold and reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is: $249,433.07 If the Trustee is unable to convey title for any reason, the successful bidder's sole and exclusive remedy shall be the return of monies paid to the Trustee, and the successful bidder shall have no further recourse. The beneficiary under said Deed of Trust heretofore executed and delivered to the undersigned a written Declaration of Default and Demand for Sale, and written Notice of Default and Election to Sell. The undersigned caused a Notice of Default and Election to Sell to be recorded in the county where the real property is located. Dated: 1/7/2014 THE MORTGAGE LAW FIRM, PLC Adriana Rivas/Authorized Signature FOR TRUSTEE'S SALE INFORMATION PLEASE CALL 714-730-2727 The Mortgage Law Firm, PLC. is attempting to collect a debt. Any information obtained may be used for that purpose. NOTICE TO POTENTIAL BIDDERS: If you are considering bidding on this property lien, you should understand that there are risks involved in bidding at a trustee auction. You will be bidding on a lien, not on the property itself. Placing the highest bid at a trustee auction does not automatically entitle you to free and clear ownership of the property. You should also be aware that the lien being auctioned off may be a junior lien. If you are the highest bidder at the auction, you are or may be responsible for paying off all liens senior to the lien being auctioned off, before you can receive clear title to the property. You are encouraged to investigate the existence, priority, and size of outstanding liens that may exist on this property by contacting the county recorder's office or a title insurance company, either of which may charge you a fee for this information. If you consult either of these resources, you should be aware that the same lender may hold more than one mortgage or deed of trust on the property. NOTICE TO PROPERTY OWNER: The sale date shown on this notice of sale may be postponed one or more times by the mortgagee, beneficiary, trustee, or a court, pursuant to Section 2924g of the California Civil Code. The law requires that information about trustee sale postponements be made available to you and to the public, as a courtesy to those not present at the sale. If you wish to learn whether your sale date has been postponed, and, if applicable, the rescheduled time and date for the sale of this property, you may call (714) 730-2727 for information regarding the trustee's sale or visit this Internet Web site - www.lpsasap.com - for information regarding the sale of this property, using the file number assigned to this case: 114482. Information about postponements that are very short in duration or that occur close in time to the scheduled sale may not immediately be reflected in the telephone information or on the Internet Web site. The best way to verify postponement information is to attend the scheduled sale. A-4437167 Publish: 01/15/2014, 01/22/2014, 01/29/2014