Between October 2022 and January 2023 seventeen states1are offering tax-relief checks to help compensate for the rising costs of living. As many of our clients are in California we will highlight the information associated with the state, for other participating states you can find more details here or on the individual states websites.
Millions of Californians will see a tax rebate paid out in cash either as a direct deposit or debit card – totaling up to $1,050 sometime between October 2022 and January 2023. The income limit for eligibility is $250,000 for individuals and $500,000 or less for heads of household or couples filing jointly. Recipients have to have been California residents for at least six months during 2020, and must be residents when the payments are issued.
[1] States include California, Colorado, Delaware, Florida (not highlighted above as benefits are minimal), Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Virginia. Source
The information provided above is general in nature and is not intended to represent specific investment or professional advice. No client or prospective client should assume that the above information serves as the receipt of, or a substitute for, personalized individual advice from HoyleCohen, LLC, which can only be provided through a formal advisory relationship. Tax laws referenced and specific rates are subject to change.
Investment advisory services offered through HoyleCohen, LLC.
Clients of the firm who have specific questions should contact their HoyleCohen Advisor. All other inquiries, including a potential advisory relationship with HoyleCohen, should be directed to:
HoyleCohen, LLC
858.576.7300
info@hoylecohen.com
