Everyone who lives and works in San Francisco is well aware of the major businesses such as Yelp, LinkedIn, Twitter, SalesForce, and so on, yet it is the small businesses that are the lifeblood of our great city. And there are a lot of them.
According to mayor London Breed, “San Francisco’s 94,000 small businesses make up over 93% of total businesses in the city and support more than 364,000 jobs”.
That’s a lot of businesses which, between them, must pay a lot more in the way of taxes than the “big boys” do. Small mom and pop restaurants, corner shops, gyms, spas, hairdressers, greengrocers, bars, B&Bs, clothing shops – the list goes on and on. There are thousands upon thousands of them. And they all have one thing in common, and that is that they have to pay taxes!
At Safe Harbor, our small business accountants provide these people with our small business tax prep services for two main reasons. One is so that they are compliant with all of the tax laws and the other is that while doing that we ensure that they pay not a cent more in tax than the law says that they should.
Many People Pay Too Much Tax
It’s a fact that many people in the San Francisco Bay Area pay more in taxes than the laws require. Why? Because the laws are so very complicated. For instance, you can have two people who have exactly the same earnings but yet pay different amounts of tax. As an example, one may be in receipt of benefits, while the other is not. Because they receive benefits, they may be required to pay less tax.
Two small businesses may have a turnover which is the same, but one has to pay more than the other. Our small business tax prep services will ensure that, even though that is the case, neither pays any more than is required.
Let’s be honest, we hate taxes ourselves, and so we make darned sure that we don’t pay too much. We don’t see why anyone else should, either. But it is the complexity of the laws, which can change almost by the day for one reason or another, that makes it difficult for anyone but an expert to find their way through them. That’s why so many people pay too much.
Do you suppose the IRS cares if you pay too much tax? Silly question really!
But if you have paid too much, that is another treason for using our small business tax prep services because we will find out if you have and then we can claim the overpayments back for you. That would be a nice bonus, wouldn’t it?