Some people have very simple tax returns. An individual who works for a company here in the Bay Area and gets a wage and has no other income can really deal with his or her taxes on their own. That is all really straightforward.
However, there are other individuals, often high net worth here in San Francisco, whose tax returns can be very complex because they may have several different companies, they may own properties and have rental income, they may have income from overseas, and so on. If you are one such individual, then you need us at Safe Harbor because we specialize in income tax return preparation for complicated individuals.
A Lot Of Issues for California Businesses
There are a lot of issues involved here, not the least of which is that the tax laws never stay still. Furthermore, in San Francisco we have to deal with California state taxes, federal government taxes, and San Francisco taxes, which makes things even more complicated. However, at Safe Harbor our accountants make certain that we keep up to date with every change in the rules and the ways in which they can be interwoven. As specialists in income tax return preparation for complicated individuals we know that there are situations where, for example, an increase in a state tax may perhaps be able to be offset against a federal government tax. Or the other way around! We said it was complicated!
Then there are situations where some people in San Francisco may have tax liabilities in other states in addition to California, and overseas as well. Quite a lot of people have income from Canada, but others may have income from China, Mexico, Japan, European countries, the Caribbean, and many more. At Safe Harbor, as specialists in income tax return preparation for complicated individuals, we keep up to date with laws in many foreign countries.
However, we are the first to admit that we cannot possibly have knowledge of everything everywhere, but that doesn’t matter. This is because we have a chain of partners who are tax specialists in their own particular country, and we can go to them if we need some advice about a particular issue. This works both ways, because we help them out when they need some assistance with the tax rules over here.
So if you are a high net worth individual with fingers in many different pies, you need to talk to us at Safe Harbor. You also need to talk to us if you are starting up a new business. Why? Because we can advise you of the best format for your new business in order to aim for the lowest possible tax rates. We are firm believers that you should start as you mean to go on – and that means keeping taxes to the minimum.