Everyone's tax situation is, of course, unique and all parties are advised to consult with a tax professional.
San Francisco, CA (PRWEB) January 21, 2016
Safe Harbor LLP, a top San Francisco accounting firm, is proud to announce a short but important post to its blog on the deductibility of taxes such as city, state, or even international taxes vis-a-vis California and/or Federal tax preparation for the 2016 tax season. With the increasing complexity of tax issues, more and more businesses and consumers are keeping a watchful eye on their tax bills at every level.
“Everyone's tax situation is, of course, unique and all parties are advised to consult with a tax professional,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “However, we have one of the best blogs in San Francisco on tax issues, and we try to respond to confusion by both consumers and businesses as well as alert them to basic issues. The deductibility of taxes is one such issue, and by keeping accurate records, any consumer or business can help out their accountant or tax provider to maximize their deductions and minimize their tax bill.”
To view the informational page, please visit http://www.safeharborcpa.com/the-deductability-of-taxes-san-franciscans-take-heed/. There, in addition to reading about the deductibility of taxes of all types, one can click 'up' to the firm's blog and even sign up for its monthly newsletter on tax issues.
Recordkeeping: the First Defense of Deductibility
Most consumers and businesses are not experts in taxation. Whether or not a city, state, or even international tax can be deducted against the return of another level (e.g., a city tax from at state tax, a state tax against a federal tax) is a matter for a tax professional to decide. The blog post attempts of raise awareness of the issue, and to remind everyone that accurate recordkeeping is the first line of defense. Simply keeping accurate records will allow one's CPA or accountant to make the correct determination, and provide evidence to support the deduction in case of an IRS or FTB audit. (FTB, or Franchise Tax Board, is the state agency in California charged with tax collection).
About Safe Harbor LLP – a San Francisco CPA Firm
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
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