OK, perhaps that’s a little harsh, but it most certainly is complicated, which is one reason why we CPA‘s have a job! Our job is to sift through all the mountains of legislation and insure that you pay the minimum amount of tax possible. There are far too many people paying too much tax. If you don’t believe that, just look at the number of people who receive a refund from the IRS after they have paid too much. The problem with that is that there are many more people who have paid too much tax and DON’T receive a refund because they don’t know that they have paid too much, and therefore they can’t or don’t reclaim it.
And that’s just federal tax. When you take into account all the different state taxes, that compounds the matter.
It Can Get Very, Very Complex
Now, on top of that, add in all those people who have income from more than one country. It can get very, very complex indeed, which is why you need a Bay Area international tax service such as the one we provide at Safe Harbor. The Bay Area is increasingly a global mecca for individuals and businesses from all over the world. Even though there is a lot of controversy about “globalization,” the reality is that more and more residents of San Francisco (whether US citizens or not), have income and/or property in more than one country. In particular, we find that we have a lot of San Francisco citizens who have income in Canada and vice versa.
There is nothing wrong with having income from different sources. Indeed, it is to be welcomed and thought of as a perfect strategy. When you have a variety of income streams, if one goes down on you for whatever reason, you still have more, so you are always secure.
However, the tax side of things can become extremely difficult, which is why at Safe Harbor we provide a Bay Area international tax service. Our CPA’s have many years of experience in dealing with international tax laws, so we are able to help keep your tax payments down to the absolute minimum required by law. It doesn’t matter whether you have revenue from different states, or different countries: we know how to handle it.
If you need a Bay Area international tax service, then just click on the Send Message link at the top of this page. We’ll get right back to you.