As tax season 2018 comes to a close in April, our eLetter has a hefty does of information on the TCJA (Tax Cuts and Jobs Act) or Trump tax changes. (To download the April eLetter, click here).
Curiouser and Curiouser
The new tax law is anything but simple, so don’t jump to any conclusions as to what you should do, or shouldn’t do. It’s prudent to reach out to our office for a thorough analysis of your financial situation, and let us help you create a tax minimization strategy for the long run. The law is “curiouser and curiouser” to quote Alice in Wonderland. For example, because the tax tiers have changed there are implications as to who will pay more, and who less, depending on where your income falls. Similarly, changes in retirement contribution deductability also make for a more complicated new situation. And, as residents of San Francisco – one of the highest tax cities in one of the highest tax states – the reduction of deductability of SALT (State and Local Taxes) may have a substantial impact on residents. But then again, there are changes that are favorable for those who own a “pass through” business or who have high medical expenses. It makes a “fun” read if you want to dig into the gory details of the TCJA and whether you’re a “winner” or a “loser” in the new tax environment. But even better, just reach out to us after tax season has passed and let our CPAs work with you on your own plan to reduce the taxes that matter: yours.
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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