As everyone moves into the final stretch of tax season, more and more people are realizing that changes to the standard deduction are super important. So our April newsletter focuses on this big issue. (To download the April eLetter, click here).
The New Standard Deduction
The 2019 “tax season,” during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased significantly, and fewer people are claiming itemized deductions, which have been restricted. These changes result from passage of the Tax Cuts and Jobs Act (TCJA) of 2017, which affects preparation of 2018 tax returns. Drilling down, this shift is greater for married couples filing joint returns than for single taxpayers. That’s because state and local tax (SALT) deductions are capped at $10,000 on single and joint returns.
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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