California is a huge state! You have probably heard the quip that if it were its own economy, it would have an economy larger than the combined economies of Europe, China, Russia, Italy, the United States, and Kenya. Okay, it’s a joke. But the economy is huge, as is its geographic landmass.
Not only is the state economy huge, but there are very many people and businesses in California who have business interests overseas and as a result have tax liabilities in foreign countries as well as here in the US. Then there are people who are resident in the Bay Area but may be foreign nationals, US permanent residents, or US citizens who have many assets overseas in countries such as China, Japan, Mexico, France, the UK, Ireland, and so on. Having foreign assets can mean tax liabilities in the US. As a California international tax accountant, at Safe Harbor we can help you with such issues.
Foreign Income Can Create US Tax Liability
When you have income that is generated outside the US it can create a liability here, and under these circumstances it is vital to have a California international tax accountant who is fully up to speed with such issues. At Safe Harbor we have many years of experience in dealing with clients who have overseas assets, and we work with a wide variety of different businesses including tech firms, lawyers, manufacturers, importers, exporters, and individuals in the Bay area who have US tax liabilities as a result.
In San Francisco itself, we have many foreign residents who may have been sent here by their companies, and they may live here for part of the year or on a full-time basis. Either way, this can result in US tax liabilities, and they may also be liable for tax in their own country as well. As a California international tax accountant, we have the experience that you need in order to minimize tax liabilities wherever they may be.
Furthermore, we partner with tax accountants overseas who are always there to help out if there is something that we are not fully familiar with in their country, and this works both ways: we help them in the reverse situation.
Then there are also people in the Bay Area who have all of their income in the US but are still technically citizens of a foreign country, and this can incur special tax issues here. You might also be a student here or on a student visa. Perhaps you have an H1 visa.
No matter, at Safe Harbor, we have the team with the skills and the contacts to be able to minimize your tax liabilities in the US.