2012 will be a challenging tax year for many California and San Francisco residents.
San Francisco, CA (PRWEB) December 17, 2012
Safe Harbor LLP, a top San Francisco tax CPA firm, has released their annual tax planning letter. This year the firm has posted the content on its popular tax blog.
“2012 will be a challenging tax year for many California and San Francisco residents,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “For some, incomes have improved enough to create tax challenges. For others, foreclosures, bankruptcies, employee stock options and other issues can complicate the tax planning for small businesses or high income individuals. As we close out 2012, we are releasing our tax planning letter to help our clients plan to minimize their 2012 federal tax liabilities.”
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Year-end Tax Planning and Tips
Year-end tax planning is always important, but this year it is especially difficult because of uncertainty about what the tax laws will be for 2013. The Bush-era tax cuts are scheduled to expire on December 31 and the President and Congress have once again delayed taking any action. No one knows which, if any, of the Bush-era tax cuts will be extended or which, if any, will be allowed to lapse, in whole or in part. Almost everyone, however, is expecting that taxes will increase because of the large deficit between the federal government’s spending and its revenue.
While we wait to see what the President and Congress agree on, right now small businesses in San Francisco have some exceptional planning opportunities that may soon be gone. Tax professionals can help small businesses plan with the 2012 opportunities as they stand today, and they can create plans flexible enough to adapt to whatever the President and Congress do. In addition, there are new taxes that we know will apply January 1 that must be planned for.
In this special year end planning letter, Safe Harbor LLP discusses possible and known changes in the tax laws for 2012 and 2013, strategies for income and estate tax planning, and some planning opportunities that should be considered and possibly implemented now, before they disappear. These are general strategies which may not apply to every client. Tax CPA firms such as Safe Harbor CPA tax professionals are available to consult with small business owners to determine the impact of these changes to a specific tax position at this critical time and to discuss which strategies work best for you.
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a top San Francisco 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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