January 7, 2018 – San Francisco, California. Safe Harbor LLP, considered one of the best accounting and CPA firms in San Francisco for businesses and corporations, is proud to announce a timely newsletter in light of the so-called TCJA (Tax Cut and Jobs Act) of 2017, often referred to colloquially as the “Trump Tax Cuts.”
Many San Franciscans own businesses or corporations and their taxes may be vastly changed under the new law. Indeed, with the so-called “SALT” cap, the cap on state and local taxes, San Franciscans face yet another important change. The company’s announcement points to an easy-to-read source for interested persons to get started as they prepare for tax season.
“The changes made by the TCJA to state and local taxes or ‘SALT,’ got a lot of media attention,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “However, equally significant are both positive and negative potential changes for those who own businesses and corporations, and even those who are C Corporations, S Corporations, and LLC’s. Our newsletter is a quick read for businesspeople to begin to learn what’s changed under the new tax law.”
To access the newsletter on tax changes for San Francisco residents. Those who own businesses or corporations can click up to the “business” tab at https://www.safeharborcpa.com/business-tax/. Even better, interested persons who own a business or corporation in San Francisco can call into the accounting firm for a consultation. No two businesses or corporations are alike, and only a detailed assessment by a trained tax professional can set the stage for tax preparation efforts that will maximize the tax savings under the TCJA and minimize the tax impact.
IMPORTANT CHANGES FOR SAN FRANCISCO BUSINESSES, CORPORATIONS, AND HIGH NET WORTH INDIVIDUALS
Here is background on this release. While it is impossible to summarize the TCJA in just a few sentences, some key points are worth noting. First, the TCJA caps the deductibility of state and local taxes at $10,000. This has a big impact, especially on San Francisco homeowners, as usually the combination of property taxes and state taxes pushes an individual far about $10,000. However, the rise in the standard deduction works in the other way, as a tax savings for some individuals. Second, the TCJA changes the way that some types of business income is taxed, again creating a potential tax bonanza for those who understand the law and are able to exploit it to legally minimize their taxes. Finally, it should be noted the Safe Harbor LLP does a thriving business in so-called “international tax” and/or “expat tax return preparation” in California, as many San Francisco residents have international property, income, and business interests. (To learn more, visit https://www.safeharborcpa.com/international-tax/). The long and short of it is that an interested person should a) read the full announcement on the website, and b) reach out to an accountant for a consultation.
A little preparation as 2018 draws to a close can yield big tax savings in light of the biggest tax change to US tax law in decades.
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.
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