There are amateurs and professionals in just about everything. The pros play pro football and the amateurs, well, they either watch or just do amateurish things. That’s true not just in sports but in taxes. Our tax professionals in San Francisco live, breath, and do taxes. And they are true tax professionals, not just amateurs who like to do some math.
In fact, in order to carry out professional tax work there is a lot more to it than just the “math”. You have to fully understand all of the complex laws in both federal and California state taxes, and not only that, but you have to have a knowledge of the laws for different states, because a client may have income in not just one state, but in several.
Furthermore, tax laws change on a continuing basis, so what was true yesterday may not be true today. That means that you not only have to understand all the laws, but you have to keep up with all the relevant changes. Our tax professionals in San Francisco are in a constant state of learning so that they can ensure that every client pays not a cent more than the law requires.
Then of course, tax returns for individuals are different from those of corporations, and there are S corporations, C corporations, LLCs, partnerships, and so on. One individual may have income coming in from several different sources, so may be paid a salary from one company, bonuses, and so on, and may have income from investments in another company which is treated differently.
Taxes Can Get Even More Complex
But it gets even more complex because what may be taxable in one state may not be taxable in another. Then add to that the fact that a client may have income from overseas investments as well or may be employed by an overseas corporation and is living in the US so his salary could be paid in a foreign currency and converted to USD by his bank.
As tax professionals in San Francisco, we have a number of high net worth clients who run a multitude of businesses, but do not want to employ an individual in the position of Chief Financial Officer. We can act as an outsourced CFO for your business and advise you so that you set things up in the best way in order to minimize your tax liabilities across a number of businesses.
You might also need audited financial statements if you are applying for a bank loan, for example, and we can handle those for you as well. Whatever you need done to keep taxes to the minimum, our tax professionals are here to help.