As we gear up for tax preparation season, we’re getting a lot of questions about the TCJA (Tax Cut and Jobs Act) as it has a big impact on so-called SALT (State and Local Tax) issues. This month’s eLetter focuses on SALT tax issues, especially for San Francisco homeowners, in light of the TCJA. (To download the December eLetter, click here).
Selling or Buying a Home in San Francisco: We Can Help with the Tax Issues
Buying a home in San Francisco can be exciting and nerve-wracking at the same time. We have some of the highest home prices in the United States, of course, and for good reasons. San Francisco has a booming job economy, San Francisco has wonderful weather, San Francisco has an immense diversity in cultures, and San Francisco has severe geographic and regulatory restrictions on housing. It’s a “perfect storm” that holds home property values high and since we live in High Tax California, we pay some of the highest taxes in the country. The so-called Trump Tax changes capped SALT deductions at $10,000, so it’s time to strategize on how to minimize your taxes and investigate workarounds, where feasible. This month’s newsletter focuses on explaining the changes in how state and local taxes impact your federal tax bite. If you’re selling or buying a home in San Francisco, or just want to work with a CPA firm that can really minimize your taxes, call us immediately for a consultation as our calendar is booking up fast as tax season approaches!
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service. Its goal: to be the best CPA firm in San Francisco.
Safe Harbor CPA