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California Franchise Tax Board Figures Show Continued Economic Growth

Tax revenues for 2014 surged past the previous year’s levels, and well ahead of all forecasts for the State of California.  The Franchise Tax Board (FTB) reports revenues of $7.6 Billion this year, a substantial increase of more than 27% over the same period last year.  While most people are not pleased with their tax burdens, this is good news from an economic perspective, and provides additional evidence that our statewide and local economy grew in the past year.

Information about income for individual California taxpayers and those filing joint returns was also recently released by the FTB.  The median income for individual California filers was $36,624 which is up by 2% over the previous year’s mark.  The median income for those filing jointly rose by more than 3.4% to $73,378 and both figures clearly demonstrate continued economic recovery for the State.

Here in San Diego, we continue to rank in the mid-teens out of California’s 58 counties for both income measures.  The San Diego median income for individual filers was $37,990 (17th out of 58) and the median income for joint filers was reported at $75,367 (16th).

Economic growth and periods of increased sales and business income are excellent opportunities to invest in the internal systems and processes that will help your business to continue to grow.  The ability to capture data in an immediate and accurate way informs sound business decisions and helps to identify trends early on.

The past few years have brought needed growth to business in San Diego.  If you want to leverage that growth and take your business to the next level we invite you to contact us for a free consultation at 866-631-3470.  At Allen Barron, we provide a unique blend of business advice and functional expertise across multiple business disciplines including operations, distribution, accounting, tax and legal perspectives to provide our clients with detailed insights on their business and cost-effective services from an experienced and proven single source.