Los Altos Vault & Safe Deposit to close pending no new lease agreement with LACI

Megan V. Winslow / Los Altos Town Crier
Los Altos Vault & Safe Deposit Co. assistant manager Phil Van Poetsch, left, with manager Chris Lampe, run Los Altos’ “Fort Knox."

When the First Street Green project was pulled last October, employees of Los Altos Vault & Safe Deposit Co. thought they were getting a second chance. But with the landlord offering a six-month and then month-to-month lease, the Vault plans to close its doors permanently June 1.

Business Briefs: March 7, 2018

Los Altos Village Association sponsors egg hunt

The Los Altos Village Association has scheduled its 55th annual Downtown Los Altos Easter Egg Hunt 10 a.m. to noon March 24.

The free event welcomes children ages 1-10 to hunt for thousands of candy- and prize-filled eggs on Main and State streets.

Realtors learn ramifications of new tax code from Los Altos CPA

At the monthly Silicon Valley Association of Realtors meeting in Los Altos, Dennis Young, CPA and partner with Young, Craig & Co. in Mountain View, discussed major changes and clarified some of the rules pertaining to the new tax law, noting that the code has “a lot of contradictions and confusion in it.”

Major changes include the new tax rates (now seven) and changes to the mortgage interest deduction. Taxpayers will no longer receive the personal exemption, but the standard deduction has doubled to $12,000 for individuals and $24,000 for joint filers. The child tax credit has increased to $2,000. The mortgage interest deduction is now capped at $750,000 for new loans made after Dec. 14, 2017. State and local tax deductions, as well as property-tax reductions, now have a total cap of $10,000, whether filing as an individual or jointly.

Los Altos siblings sell first startup

Los Altos siblings Riley and Stephen Soward are proof that you’re never too young to start – or sell – your first company.

A few weeks ago, the brothers, ages 22 and 23, respectively, sold their marketing research firm, Campus Insights, to Harvard Student Agencies, Harvard University’s student-run company.

No study in sight for a downtown business improvement district

A plan to form a Los Altos business improvement district to serve merchants and property owners will just have to wait, according to members of the organizations that had backed it.

At the Feb. 13 Los Altos City Council meeting, members of the Los Altos Village Association, Los Altos Property Owners Downtown and the Chamber of Commerce asked the council to allocate $10,000 for a BID feasibility study. However, the council rejected the proposal, noting that the city’s Downtown Vision project had yet to be completed. Instead, they encouraged the groups to conduct their own educational session.

Is real estate investing the best way to build wealth?

When asked in a Bankrate study last July “What is the best way to invest money you wouldn’t need for 10 years or more?” 28 percent of millennials picked real estate and 23 percent chose cash. Only 17 favored stocks.

This is the wrong way to build wealth.

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