With the recent Trump tax changes, residents of San Francisco are in a bit of a pickle. Yes, we have one of the best job markets in the United States, and one of the best job market in years, to be sure. However, we also have some of the highest property values in the country, and accordingly some of the highest property taxes. The new Trump tax changes limits the deductibility of state and local taxes. This has enormous implications for San Francisco residents who have traditionally itemize their deductions.
Accordingly, we are getting more and more calls as people are frantically looking for the best tax advisors in San Francisco who can help with their tax preparation for the 2019 tax year. Many high income individuals, or those who work in the vibrant entrepreneurial sector or in San Francisco, have very complicated tax returns! They may, for example, on one or more residences in San Francisco. They may pay quite a lot in property tax. Or, they may be receiving stock options from one of the startups in the vibrant San Francisco entrepreneurial scene. Still others, may have international tax exposure, as, of course, many San Francisco residents are immigrants, have connections to overseas countries, or work in multinational corporations where it is not uncommon to spend a few years in San Francisco and then returned to another country.
Finding the best tax advisor in San Francisco is thus complicated. Most of our clients face tax challenges that are far too complicated for the big-box tax stores that show up every year like mushrooms after the California winter rains. Most of our clients need a tax advisor who really understands the tax code, especially the recent tax changes that Congress enacted for the current tax year.
Finally, there really is no such thing as the best tax advisor in San Francisco. Each accountant or CPA has his or her own unique skill set and focus area. So the technical skill level is one parameter that is not unique. You can’t compare apples to oranges. Another parameter is that you need a tax advisor who will listen to you and work with you throughout the year to minimize your taxation. This is why clients get very frustrated with the big-box tax services that pop up every year at this time. They are very much here today gone tomorrow.
Our accounting firm, however, is not here today and gone tomorrow. We are enthusiastic members of the San Francisco community, and work hard to be the best tax advisor for San Franciscans who face challenging tax issues. The recent Trump tax changes have just made an already overcomplicated tax system even more complicated.
If you are looking for a tax advisor in San Francisco, call us today for an appointment.