April is the countdown month for individual tax payers, with the deadline this year on Monday, April 18, 2016. If you haven’t yet filed your personal income taxes and are not a client of ours, please reach out to us immediately. If you are one of our clients, we are working diligently with you on meeting this important deadline. Looking to the future, our tax tips newsletter has some important articles keeping you up-to-date with changes in the laws of the land. Our April tax tips newsletter for San Francisco, is – therefore – here.
The PATH forward: Protecting Americans from Tax Hikes
Congress and the President occasionally do get along. Last December, for example, President Obama signed the “Protecting Americans from Tax Hikes” or PATH legislation. This important legislation made permanent some benefits to taxpayers. Among them are the following. First, sales taxes can be deducted over state income taxes, meaning certain taxpayers who pay more in sales tax can use that instead of other state income taxes vis-a-vis their federal tax bill. Second, IRA charitable contributions are now made permanent by the PATH law via what is called QCDs or “Qualified Charitable Distributions.” Third, higher education tax breaks have been clarified, including the important American Opportunity Tax Credit (AOTC). As always, there are many complexities in who can, and who cannot, take advantage of these tax-saving opportunities. Reach out to us if you are interested, and we’ll explain our tax strategy for you, personally. Our job is to stay on top of the ever-changing tax law environment and to minimize your tax bill to the fullest extent of the law.
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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