The Trump Tax Plan: What It Means to You, What You Need to Do

Filed in CPA Blog by on February 14, 2019
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We live in exciting times, well, at least exciting times for those of us who do taxes. Last year, Congress and the President approved one of the most important changes to US tax law in a long, long time. Well, that means that 2018 was the first year that this new tax law was in effect!

For those of us who do taxes, this means that there are many new and interesting twists in the tax code. Many San Franciscans, for example, are aware that the new tax system’s so-called SALT, that is state and local taxes, at $10,000. This will probably have a very negative impact on taxes for many residents of the Golden State. Another issue that you may or may not be aware of is that the Trump tax plan changes the way that certain business income is taxed. This can be very advantageous if you own your own business or participate in a business that is incorporated.Trump Tax Changes for California Residents

With the advent of the Trump tax changes, our phones exploded! We got lots and lots of calls over the last six months about people who were concerned about the Trump tax changes. As we prepare taxes in the busy spring season, of course, we are continuing to get many calls and inquiries about what the trump tax plan means to you.

We Are San Francisco’s Resident Tax Nerds

Now, we are pretty much tax nerds. We love tax law, and we can get down and dirty with the best of them as to what various changes mean with respect to the new law. But allow us to give you, dear reader, some advice. Don’t worry about it! The reason that you hire a San Francisco tax preparation service like us is so that you don’t have to worry about what the tax law says or has changed. You can look to us as experts and we can consult with you going forward as to things that you can do to minimize the tax bite.

Now, obviously, 2018 is one for the history books. So you can’t change your behavior in 2018, whether or not you are a client of ours. However, as we prepare your taxes, we will get a very good analysis of what you did, and what you fail to do, with respect to taxes. Then once the dust settles we can give you advice as to how to go forward in 2019 with an eye to the various changes that were implemented in the tax law.

So here’s what you need to do with respect to the Trump tax plan. First, call us for a consultation. Second, allow us to do your tax preparation for 2018. Third, meet with us one on one and let us act as your tax advisor to advise you as to what to do to minimize your taxes going forward.

Believe us. This will be a lot more fun and you sitting down and trying to read the pages and pages of content that were produced by Congress and the president when they implemented these changes.

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