May 2, 2019 – San Francisco, California. Safe Harbor LLP, considered one of the top tax advisors in San Francisco, California, for businesses, startups, and individuals, is proud to announce the successful conclusion of tax season for 2018 / 2019. In particular, as 2018 was the first year of the so-called “Trump Tax cuts,” the firm worked hard to optimize its clients’ returns to maximize their tax advantages.
“As this was the first year of the so-called Trump tax cuts, we hired additional staff and fielded many inquiries on how these tax code changes impacted San Francisco businesses and individuals. The startup community, in particular, was very concerned,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “Many, but not all, were able to reduce their tax burden. But more importantly, we worked hard this tax season to set the groundwork with our clients going forward into 2019 to take maximum advantage.”
One way that the firm communicated new information on the Trump tax changes was through its innovative eLetter. The April edition of that eLetter can be found at https://www.safeharborcpa.com/2019-04/ and explains how the “standard deduction” was changed in the new tax code. Startups can also visit the blog archive to read new content written specifically for Bay Area startups and their concerns. Finally, any person or business that is curious about how they might minimize their tax burden in 2019 is urged to visit the website and reach out to the San Francisco accounting firm to discuss opportunities. To do that, simply visit the website and click on the black “Send message” box. With tax season in the rearview mirror, the firm has more openings for consultations. Especially those with complex tax issues such as businesses, startups, or individuals needing expat tax return preparation are encouraged to reach out for a possible relationship.
A NEW TAX ENVIRONMENT
Here is background on this release. On December 22, 2017, President Trump signed the “Tax Cuts and Jobs Act,” which became known in the vernacular as the “Trump tax cut.” This controversial overhaul to the US tax system took away certain deductions, among them the deduction for state and local income taxes or SALT, which had an impact on many San Francisco residents. California, of course, is one of the most heavily taxed US states and the deduction was of high value to many state residents. On the other hand, however, the new tax code increased the standard deduction. So in many cases, people still received a tax cut. It all depended on one’s situation.
The reality was that anxiety over the new tax code made this one of the busiest seasons for Safe Harbor LLP, as the leading, best-in-class “boutique” accounting firm in San Francisco. The firm fielded a large number of inquiries, and announced new staff positions and manpower to handle the increased volume. Indeed, with the growing international presence in San Francisco, the firm fielded many inquiries from folks who needed expat tax return preparation. A common scenario was a Canadian citizen who worked in the Bay Area but retained her Canadian citizenship, and had income in both Canada and the USA. This type of person was impacted not only by US tax changes but by changes in Canada as well. For these reasons, Safe Harbor announced extra efforts during tax season and is proud to announce the successful conclusion of tax season 2018/2019.
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.
Safe Harbor CPA