If You Are a High Net Worth Individual, You Face Unique Tax Challenges

Being a high net worth individual has many advantages in today’s world. You can live your life as you choose, go where you want to, do what you want, and in many cases do it without having to put in 40 hours of work a week.

individual tax return preparationin San Francisco, CA

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However, when it comes to your taxes, that is something else again. This is where you need a San Francisco tax preparation service for individuals from a firm like Safe Harbor which fully understands all of the latest so-called Trump changes, such as the constraint on SALT deductions, for instance.

Just to give you an idea, here is one interpretation of the SALT (State and Local Tax) deduction:

“The SALT deduction can only be claimed if you itemize on your tax return – that is, when your itemized deductions are greater than your standard deduction and you file or e-File a Schedule A. Your standard deduction is a fixed amount that you can deduct that is based on your filing status. Itemized deductions are the total deductions that are listed on your Schedule A, and it is not a fixed amount.”

Yeah. Right. Any the wiser?

No prizes for sending in an answer!

Perhaps you can begin to see why you need a San Francisco tax preparation service for individuals from us at Safe Harbor, where we DO understand the meaning of all that about SALT deductions. And a whole lot more besides. OK, call us geeks, but it is our job to know and understand these things so that we can ensure that our clients – that’s you – pay the absolute minimum amount of tax, and not a cent more.

Many Americans Pay More Tax Than They Should

It is a sad fact that many Americans, whether high net worth individuals or not, pay more tax than they should, simply because they don’t understand all the laws that apply. And after all, why should you? In fact, while a high net worth individual may pay more tax than necessary, he or she can probably afford to without it making a dent in the family’s finances. However, for the average American it can make the difference between whether or not you can afford a holiday this year.

Take it from us, but we don’t think that is right. Yet the fact is that the tax laws are so complicated that if you try and go it alone, you will almost certainly come a cropper, to use the old phrase.

So talk to us about our San Francisco tax preparation service for individuals that will save you any worries about the Trump changes and make certain that your tax liability is not a cent more than it should be.


Photo credit: free pictures of money via Foter.com / CC BY

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