A San Francisco Tax Service for High Net Worth Individuals and the Broader Perspective

Filed in CPA Blog by on March 7, 2017
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When it comes to taxes, many San Francisco residents do not fit onto the “one size fits all” category. Large parts of the population are extremely wealthy and have acquired various assets. They could own several businesses and pieces of real estate. There could also be overseas properties and other investments. A big box tax service may not have the experience or time to manage so many moving parts. Tax ServiceThese “high net worth” individuals usually need more than an accountant; they need support from a professional tax advisor as well. Safe Harbor CPA’s are the team to individualize tax service for high net worth individuals here in the Bay Area’s most prestigious city, San Francisco.

High Income earners can have more to gain, but also more to lose when it comes to tax preparation. If a wealthy individual has inherited real estate and other assets, their focus could be to keep the principal intact. Having a fortune whittle away because of careless tax mistakes is not acceptable. If a San Francisco resident is a new Silicon Valley wunderkind, accumulating new wealth along the way, they will need guidance how best to protect new assets. (By the way, we are known as THE accounting firm for Bay Area startups!) Then there are the “old guard”, rich individuals looking to leave a legacy for a deserving non-profit and/or family members. Maybe they’ve finally decided to accept that they won’t live forever and need a tax professional to help make estate planning arrangements. All of these scenarios require more nimble tax preparation than a “plug and play” tax service can offer.

The Cost of Multiplication: San Francisco Tax Service for High Net Worth Individuals

Middle of the road, “well-to-do” Bay Area residents may still be able to use a big box tax service for simpler filings. Owning one home, possibly a vacation home also, requires fairly simple tax preparation and filing challenges. You are looking at a small amount of individuals and property. On the other hand, if a wealthier individual owns several apartment buildings on top of a primary residence plus several overseas properties, it gets trickier. (By the way, we are known as THE accounting firm for international tax). The tax and legal liability has increased with property accumulation. If they have a top CPA skilled in these issues, the deductions and benefits can increase too.

Estate planning can also be tricky for wealthy individuals. Multiple beneficiaries with different ideas about what they deserve can put a poorly-managed estate directly into the legal system for years. The only winners are lawyers and the government, while accounts are drained of their value. Pro-active estate planning along with smart tax preparation can help avoid a financial tragedy. Safe Harbor’s CPA team can handle the estate tax planning and help carry out any filing when the time comes. Our tax professionals can also help minimize both state and federal inheritance taxes at that moment. High net worth individuals have a lot on their plate when it comes to managing their wealth. Safe Harbor, San Francisco’s professional tax service, is a team ready to help high net worth individuals get the right perspective!

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