There is no doubt whatsoever that international taxes are complicated. Heck, US federal and California state taxes are complicated enough, but when you start looking at all the different tax methods of other countries it is something else again.
Many of our clients at Safe Harbor have overseas assets, and these may be businesses that they own or can often be properties that are producing an income. When that money comes into the US it can be subject to US taxes in addition to any that may be incurred in the home country and, of course, here in California.
Not only that, but you could be a US citizen, a permanent resident, a foreigner residing in the US, a student, a foreigner on a short-term assignment, and so on. You might also operate an S corporation, a C corporation, an LLC, a partnership, or simply be a sole trader.
Whatever your situation with overseas assets, one thing is for sure, and that is that you want to pay the absolute minimum amount of tax, wherever you have to pay it and to whoever you have to pay it. This is why you need to talk to one of our international tax advisors here at Safe Harbor. We are specialists in international taxes and can help you reduce your tax liabilities wherever they may happen to be.
We Have Contacts In Many Overseas Countries
One of the advantages of using our international tax advisors is that over the years we have built up contacts with many accountants in other countries, and this means that we can use them to help out when something is extremely complicated. While we are international tax specialists, we are not going to tell you that we know every last detail of every last tax law in every country. However, when we need help, we have people whom we can call on. This works both ways, because when they have issues with US federal or state taxes, we can help them out.
The problem with international taxes is that there can be so many different situations. For instance, you could have all your income in the US but technically still be a citizen of another country such as China, Mexico, or Norway. You might live in the Bay Area for only part of the year, or you could be on assignment here for your company for a specific period of a year or two. So, your income could come from somewhere else, although you are resident here at the moment.
There are so many different possible combinations that it is impossible to list them all here. If you have taxes to pay that are connected in some way to another country, talk to one of our international tax advisors and we will get to work to reduce your tax liability to the minimum.