Individual Tax

Individual tax return preparation for California residents (not only in San Francisco) is a specialty of our firm. We especially assist high income persons with complex individual tax return issues and can also help with international and/or multistate tax return preparation.

Contact Safe Harbor LLP CPAs

Accountants Who Prepare Individual Tax Returns

Our CPA firm is known as best-in-class for individual tax return preparation in the San Francisco Bay Area, with a special focus on high net worth individuals, those with businesses, and/or those with international tax issues. Our accountants help individuals file their personal tax returns (including expatriate tax returns), with many individuals having high incomes, stock options, small business income (Schedule “C” / S-Corp), income, etc. Our goal is to make filing your personal taxes as easy as possible – as we are one of the top San Francisco individual tax preparation companies that is not a chain.

International Tax Return Prep

Taxes are complicated and not exactly fun. Fortunately, our tax advisors know the details of US and California tax regulations and can expedite your individual tax return preparation. We focus not only on San Francisco as a geography but on high income individuals throughout California.

Individual Tax Return Preparation

Wealthy or High Net Worth individuals have unique tax issues, especially in high-tax states like California. As one of the top CPA firms in the San Francisco, our experienced accountants stay abreast of all the current laws, so you don’t have to. Many of our individual tax return preparation clients own a business (or more than one business) in San Francisco, quite a few have international tax exposure, and still others are “serial entrepreneurs” who form and sell startups on the vibrant Silicon Valley startup scene. They then confront minimizing their individual tax return costs in the state of California, as well as sometimes in a multi-state environment. Fortunately, our team of tax cpas is ready and able to help such individuals with their tax burdens. We can work with you on your individual income streams, your business income (including overseas income), and then the distributions of assets and liabilities to minimize the tax bite.individual tax return preparation service in San Francisco, California

Today’s San Francisco is an international city. It’s not uncommon for an individual to have tax exposure not only to California but also other states, not only to the United States but to Canada and other countries, and to have to file multiple tax returns. We assist individuals with expatriate tax preparation, and all types of international tax issues. Correct compliance and tax minimization is more complicated than ever: be sure to work with a firm that specializes in international tax for individuals. If you’ve got a “complex” individual tax issue, we’re excited. We love challenges!

Questions and Answers on Individual Taxation

Q. Are individual income taxes federal or state?
A. Americans must submit income tax forms for both Federal and State. California’s most common tax forms are 1040 to the IRS and form 540. Of course, high-net-worth individuals in San Francisco’s Bay Area rarely have it that easy. Personal wealth, including trusts, property, and financial interests across state lines and abroad, will factor into individual taxes. The work of reporting various assets can get complicated. Consulting with a professional CPA can be the first step in a smooth, low-stress tax season. (Not all US states have income tax; so check with your tax provider).
Q. Are deductions and allowances the same?
A. The rule is that the more allowances you claim, the more money in your paycheck. If you determine the wrong number of allowances, however, be they dependents or a working spouse, it could result in a bigger tax bill at the end of the year. Individual tax rates can change based on many of these choices. There are several ways to calculate the allowances Bay Area residents are entitled to. People also question how to claim a dependent as an exemption on individual tax. If unsure how to proceed with this issue, speak to a CPA to help navigate the right path to proper tax allowances and deductions.
Q. How do I calculate individual income tax?
A. The basic steps to calculating income tax begin with adding up your gross income and then subtracting exemptions and deductions. The tricky piece for many high-worth Bay Area residents is properly itemizing every deduction and every taxable type of income. Some financial investments may be exempt, but this isn’t always the case. Persons managing their own taxes tend to make common mistakes such as misunderstanding the Earned Income Tax Credit (EITC). Results can lead to a delay in your tax refund or penalties. Worse, errors could trigger an IRS audit. To get a good idea of how much work it can take to properly report your income and expenses, review the IRS page for form 550: If you’ve submitted your individual tax return, you can check the status of a refund, here (federal) and here (California). The San Francisco Public Library publishes a yearly tax summary; here’s the one for 2021.
Q. Does the IRS correct mistakes on tax returns?
A. The IRS does its best to catch errors on individual income tax returns. Unfortunately, they may not find every mistake. If you are unsure how you calculated your assets and liabilities, it may not be worth submitting your individual tax return before speaking to a professional. It’s best to avoid mistakes and talk to a CPA who understands the U.S. tax code inside and out. It’s best to stay “under the radar” with the IRS and turn in a perfect income tax return.