Deductions are critical to tax minimization. Many San Franciscans give generously to nonprofits, both large and small. So our newsletter focuses on what’s deductible and what’s not. (To download the March eLetter, click here).
Charitable Deductions under the New Tax Law
As the filing season for 2018 tax returns reaches a peak, many people will learn that they’re no longer itemizing deductions. The TCJA placed limits on some deductions and increased the standard deduction significantly, so most taxpayers are taking the standard deduction, rather than itemizing. One result is that charitable contributions offer no direct tax benefit for many donors. Other issues discussed in our March eLetter are deducting qualified business income (and what qualifies), and the upcoming tax deadlines.
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.
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