Tax CPA firms do a lot of things, but the most common job that we have at Safe Harbor CPAs in San Francisco is doing taxes. We do a lot of tax preparation, but not the easy stuff. For the easy stuff, we recommend people go to a “big box” tax preparation firm. They can deal with the simple stuff.
As a tax CPA, at Safe Harbor, we deal with the complicated stuff, and we do mean complicated. We do the taxes for high-net-worth individuals who usually have their fingers in a lot of different pies. This means that they can have income coming in from all sorts of different directions, from different states, from different countries overseas, and it can be passive income such as that earned from renting properties, or it can be earned income from running various businesses.
Overseas Income Makes It Far More Complicated
Of course, when you start talking about income from overseas countries, it gets much more complicated because they have different tax rules and regulations from those in the US. However, even in the US, of course, tax regulations vary from one state to another, so what may be taxable in one state may not be in another or may incur a lower rate of tax. This means that it may pay to move things about from one state to another, either physically, or on paper, in order to attract the lowest possible rate of taxes.
Of course, that can get very difficult because you need a tax CPA who understands all the different rules and is thus able to advise accordingly. Furthermore, when it comes to overseas taxes, even we have to put our hands up and confess that we do not understand everything about every regulation in every other country.
However, “we know a man who does”. By that, we mean that we have contacts in overseas countries who can help us out when needed, when we have a situation involving their tax laws which we are not familiar with. This works both ways, because in return we help out our contacts when they have issues with US taxes. So, either way, if you have tax issues involving other states or other countries, we are still here to help you.
Our aim is always to reduce the tax liability of every client to the absolute minimum. We don’t like to pay taxes any more than anyone else, and we don’t see why our clients should, either. So, we work hard to keep the tax liability of every client to as close to zero as we can get.
All right. We are unlikely to get to zero, because the tax system doesn’t work like that. But the nearer we can get, the happier both we and our clients are. With our office conveniently located in San Francisco, we are known as one of the top CPA firms for international tax. Contact us and set up an appointment by phone, Zoom, or even in person.