EL SEGUNDO HERALD April 12, 2018 Page 15
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Finance
VOTED BEST
REALTOR
IN EL SEGUNDO
by the readers of the
El Segundo Herald -
“El Segundo
Home Owner”
The New Tax Law: What You Need To Know Now
(BPT) - With the Tax Cuts and Jobs Act of
2017 having been signed into law, here are
some of the things you should be thinking
about as tax season approaches, according to
Robert Fishbein, vice president and corporate
counsel, Prudential Financial Inc.
The new tax law is generally effective
starting in 2018, which means that your
2017 income tax return is largely unaffected.
However, there may be actions you can take
now to benefit from the change.
The hallmark of the new tax law is lower
marginal tax rates for individuals. The IRS
has issued withholding tables employers
started using in February to reflect these
lower rates. While this could mean lower
tax withholding and more take-home pay,
you should evaluate your personal income
tax position to determine if you will pay
more or less under the new law and adjust
your withholding accordingly.
If you make estimated tax payments,
you should also estimate your tax liability
under the new tax law and make necessary
adjustments to your quarterly tax payments.
Assuming your withholding or estimated tax
payments need no adjustment may create an
unpleasant surprise if you are under-withheld
and owe penalty tax and interest when you
file your 2018 income tax return.
The new higher standard deduction of
$12,000 for individuals and $24,000 for
married couples will greatly reduce the number
of taxpayers that itemize deductions. If you
did not itemize in 2016, and your tax position
is similar now, you will probably not itemize
in 2017. The increased standard deduction,
combined with lower marginal rates, may
mean your tax liability will go down.
If you itemized in 2016, compare your
total itemized amount to the new standard
deduction. If less, and assuming a similar tax
position in 2017, you will likely no longer
need to itemize.
For many, this provision will turn out to
be the greatest simplification aspect of the
new tax law, since they no longer must track
itemized deductions or complete multiple
associated forms.
Some taxpayers will need to look more
closely to determine if they will pay less or
even more. The new law eliminates personal
exemptions and reduces deductible items, such
as limiting the total deduction for state and
local income taxes to $10,000, reducing the
amount of deductible mortgage interest and
eliminating the deduction for interest paid
on a home equity line of credit.
In states with higher income taxes and
property taxes, it is possible that the loss of
itemized deductions will be greater than the
benefit of lower rates and your tax liability
could increase.
The new law increases the child tax
credit for children under 17 to $2,000. The
income limits to phase out the credit are also
significantly increased so more taxpayers will
be eligible. In addition, there is a $500 credit
for other qualifying dependents. Depending
on your tax bracket, this could be better or
worse than getting an exemption for each
dependent.
Adding one more layer of complexity to
your 2018 planning is the new tax law’s
modification of the Alternative Minimum Tax
or AMT. The AMT is a parallel tax system
that requires you to calculate your income
tax under the normal rules and then again
under AMT rules, paying the higher of the
two. The new tax law increases the AMT
exemption, or the amount you can earn and
not be subject to this alternative tax.
The bottom line for most is whether they
will pay more or less income tax in 2018
than in 2017. While it is likely many will
pay less, you need to consider all the above
before you know how you will be impacted
by the new tax law. •
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PUBLIC NOTICES
NOTICE INVITING SEALED BIDS
FOR THE
STORM DRAIN PIPE
ABANDONMENT ON EUCALYPTUS
DRIVE
IN THE CITY OF EL SEGUNDO
PROJECT NO.: PW 18-11
The City of El Segundo is accepting
sealed bids in the City Clerk’s
office, 350 Main Street, El Segundo,
California 90245, until 11:00 a.m. on:
TUESDAY, MAY 8, 2018
at which time they will be publicly
opened. Bids will not be accepted
after that time.
As described in the Bidding
Documents, the bids are for a
public works project (“Project”)
which consists of Storm Drain Pipe
Abandonment and related work as
shown on the plans on file with the
City’s Public Works Department.
Work on the Project must be performed
in strict conformity with Specifications
No. PW 18-11 as adopted by the El
Segundo City Council on April 3, 2018
which is filed with the Public Works
Department.
Copies of the Plans, Specifications,
Contract Documents and Engineer’s
estimate are available from the
Engineering Division of the Public
Works Department, City of El
Segundo, 350 Main Street, El
Segundo, California, 90245. Plans
And Specifications are alternately
available electronically via http://www.
elsegundo.org/depts/works/project_
request_contact_form.asp
A pre-bid meeting is scheduled for
Tuesday, May 1, 2018 at 10:00 AM,
in the City Hall Council Chambers, 350
Main Street in El Segundo, CA 90245.
Bidders’ attendance at this meeting is
mandatory. Questions regarding the
bid shall be submitted by 3:00 pm on
Thursday, May 3, 2018, to
http://www.elsegundo.org/depts/
works/project_request_contact_form.
asp.
The terms and conditions for bidding
on the Project are described in the
attached Bidding Instructions.
This project requires payment of State
prevailing rates of wages for Los
Angeles County. The contractor must
post copies of the prevailing schedule
at each job site. Copies of these rates
of wages are available from the State
of California Department of Industrial
Relations Prevailing Wage Unit,
Telephone No. (415) 703-4774. The
website for this agency is currently
located at www.dir.ca.gov.
Note that the Project is subject
to compliance monitoring and
enforcement by California Department
of Industrial Relations. Pursuant
to California law, the City must
find bids failing to comply with all
applicable Labor Code requirements
including, without limitation, Labor
Code §§ 1725.5 and 1771.4 to be
nonresponsive.
The contractor to whom the contract
is awarded must assist in locating,
qualifying, hiring and increasing the
skills of minority group employees
and applicants for employment, as set
forth in Executive Order 11246 and
11375.
Any contract entered into pursuant
to this notice will incorporate the
provisions of the State Labor Code.
Compliance with the prevailing
rates of wages and apprenticeship
employment standards established
by the State Director of Industrial
Relations will be required.
Affirmative action to ensure against
discrimination in employment
practices on the basis of race, color,
national origin, ancestry, sex, or
religion will also be required.
The City of El Segundo hereby
affirmatively ensures that minority
business enterprises will be afforded
full opportunity to submit bids in
response to this notice and will not be
discriminated against on the basis of
race, color, national origin, ancestry,
sex, or religion in any consideration
leading to the award of contract.
The Contractor’s duty to pay State
prevailing wages can be found
under Labor Code Section 1770 et.
Seq. and Labor Code Sections 1775
and 1777.7 outline the penalties
for failure to pay prevailing wages
and employ apprentices including
forfeitures and debarment.
Five percent (5%) will be deducted from
each progress payment and retained
by the City. The remainder less the
amount of all previous payments will
be paid to the Contractor. Pursuant
to Public Contracts Code (“PCC”) §
22300, the Contractor may substitute
securities for retention monies held by
the City or request that the City place
such monies into an escrow account.
The Contractor is notified, pursuant to
PCC § 22300, any such election will
be at the Contractor own expense
and will include costs incurred by the
City to accommodate the Contractor’s
request.
In entering into a Public Works
contract, or a subcontract, to supply
goods, services, or materials
pursuant to a public works contract,
the Contractor, or Sub-Contractor,
offers and agrees to assign to the
awarding body all rights, title and
interest in, and to, all causes of action
it may have under Section 4 of the
Clayton Act (15 U.S.C. Section 15)
or under the Cartwright Act (Chapter
2 [commencing with Section 16700]
of Part 2 of Division 7 of the Business
and Professions Code), arising
from purchases of goods, services,
or materials pursuant to the public
works contract or the subcontract.
This assignment shall be made and
become effective at the time the
awarding body tenders final payment
to the Contractor, without further
acknowledgment by the parties.
Bids must be prepared on the
approved Proposal forms in
conformance with the Instructions
to Bidders and submitted to the City
Clerk, 350 Main Street, City of El
Segundo, in a sealed envelope plainly
marked on the outside:
“SEALED BIDS FOR PROJECT NO.:
PW 18-11
STORM DRAIN PIPE
ABANDONMENT ON EUCALYPTUS
DRIVE IN THE CITY OF EL
SEGUNDO
DO NOT OPEN WITH REGULAR
MAIL”
The bid must be accompanied by a bid
bond, made payable to the City of El
Segundo for an amount no less than
ten percent (10%) of the amount bid
for the base contract.
No bid will be accepted from a
Contractor who has not been licensed
in accordance with the provisions of
the State Business and Professions
Code. For these projects, those
acceptable classes of license shall be
“A.” The successful Contractor and
his Sub-Contractors will be required
to possess the correct license for their
project classifications, and valid City
Business Licenses from the City of El
Segundo.
The City of El Segundo reserves
the right to reject any or all bids, to
waive any irregularity, and to take all
bids under advisement for a period of
ninety (90) calendar days.
Any contract entered into pursuant
to this notice shall become effective
or enforceable against the City of El
Segundo only when the formal written
contract has been duly executed by
the appropriate officer(s) of the City of
El Segundo.
DATED this 12th day of April , 2018
CITY OF EL SEGUNDO, CALIFORNIA
El Segundo Herald Pub. 4/12,
4/19/18
H-25989