Getting Ready for (Individual) Tax Season 2016

Well, were sure you couldn’t wait, but it’s finally here. What do we mean? St. Patrick’s Day, no. Memorial day, no. Lincoln’s birthday, no. Spring break? No, none of the above. Rather we mean what for us is one of the most exciting and, yes will admit it fine, seasons of the year: tax season. Here we are in late February, and we are busy preparing both corporate and other types of business returns, especially with recent changes in the tax calendar that have made March the deadline for partnerships and LLCs.

It’s a little like being Santa’s elves. The 1099s have been set by the fireside, and we are working on the W-2s. The corporations and businesses here in the beautiful city of San Francisco are nearly ready for their moment. It’s a bit like Christmas eve, or Hanukkah. Well, not exactly, because Uncle Sam stands ready to take a good portion of your money. But you get the gist of it.

Individual Tax Season is Coming to San Francisco

What’s ready and next up? Individual tax season! We focus primarily on businesses and high income taxpayers, but, that said, we are one of the more sophisticated tax services for individuals here in San Francisco. Many individuals come to us who have business interests, or who have complicated tax scenarios such as international tax exposure.

Tax PreparationHere are some tips to help you get ready for tax season, 2016. First, be sure to assemble your records. It may be as simple as getting together your 1099 statements or your W-2s, from your various employers. Did we hear anyone say Uber or Lift? Or, you may need to get permission about business income if you are a sole proprietorship. In many cases you will want to gather those records that substantiate income and expenses for the past tax season. Second, you will need to select the best tax service in San Francisco for your own individual situation. If you’re looking for an excellent accounting firm, we could give you a recommendation – wink, wink. Third, if you are married, you will need to sit down with your partner and make sure that he or she has the same information available. Fourth, you will need to send this information to your tax professionals so that he or she can begin to prepare your return.

Invariably they will have some questions for you especially if you are a more complicated tax payer, such as someone who has international tax exposure. Now, it may not be as fun for you as it is for us, but in many situations, we are able to find some amazing tax savings, and actually get substantial tax refunds for our clients. If that is not Christmas in April, we don’t know what is!

Looking for the Best Tax Service? Give us a Call!

If you are an individual taxpayer, looking for one of the best services in San Francisco for the preparation of California and or federal tax returns, please consider us. Were really excited about this season!

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