San Francisco, California – November 30, 2019. Safe Harbor LLP, San Francisco’s leading accounting firm for high income Bay Area taxpayers is proud to announce an alert to the public regarding preparations for the upcoming tax season. New state and local tax (SALT) guidelines could affect deductions an individual expects to write off on a federal tax return. A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes federal deduction cap is not unconstitutionally coercive.
“Throughout the year, wealthy Bay Area residents plan what to deduct on their tax returns and spend with that idea in mind. Due to new tax reform legislation, the rules have changed,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “Some states may be fighting the new rules in court, but right now, we have to plan for how things are at the moment. The community must understand this. We are ready to help and make sure they get the best returns possible based on this year’s tax guidelines.”
Bay Area residents and business owners can review the new alert on Safe Harbor’s page at https://www.safeharborcpa.com/san-francisco-tax-preparation-cpa-salt-cap-not-unconstitutionally-coercive/. The San Francisco CPA firm focused on tax preparation services for affluent individuals posted an informational piece about the new state and local taxes (SALT) cap guidelines. Sweeping tax reform legislation in 2017 passed a $10,000 cap on deductions for state and federal income tax. A current district court dismissed a lawsuit to challenge the SALT cap. The ruling can affect high-income residents this tax season. By visitn the website, Bay Area locals can learn more about individual tax return preparation. In all cases the best course of action is to reach out to a trained accountant in San Francisco for a one-on-one tax consultation; no two individuals are alike and only a detailed, evidence-based consultation can be the foundation of a tax strategy in light of SALT restrictions.
SAN FRANCISCO’S TOP CPA’S RELEASE CAP ALERT PRIOR TO YEAR-END TAX PREPARATION SERVICES FOR INDIVIDUALS
Here is the background on this release. The current presidential administration has not wasted time on implementing tax reform legislation. The goal to rein in deductions has impacted wealthy individuals throughout the United States. Current state and local taxes (SALT) cap guidelines could negatively affect San Francisco residents. Bay Area CPA’s managing tax preparation services for individuals of high net worth are sharing the information before the end of the current tax season.
For these reasons, Safe Harbor is announcing an alert for the Bay Area. The San Francisco CPA team is ready to implement strategies in 2019 to help manage tax preparation services for individuals in a higher income bracket. A plan to stay within deduction boundaries can help Bay Area residents avoid triggering a tax audit.
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 help 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.
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