Financials and taxes are a normal part of American life. We find it reasonably enjoyable and have made it a career to work with numbers. Where others see a headache, we see a challenge. 
Like solving a 10,000–piece puzzle and getting all the pieces perfectly in place. How satisfying is that? Of course, we understand not everyone feels the same. Managing individual and business taxes is a slog for many Bay Area locals. Here’s a list of ten things people hate about taxes.
- Figuring out forms can be complicated. For people considered high net-worth individuals, or HNWI, a 1040EZ form won’t cut it. These people have liquid assets of at least one million dollars. And in the Bay Area, plenty of residents fit into this category. Most HNWIs rely on a professional to help handle individual taxes (https://www.safeharborcpa.com/individual-income-tax/)
2) It’s painful to pay them. Everyone must pay their taxes, but if a person is struggling with hard times, it can feel extra hurtful. We do our best to help minimize payments and maximize returns to help relieve the pain.
3) Procrastination brings on end-of-year tax troubles. Some say they thrive on stress, but no one should put off tax preparation, thinking they can power through it later. That’s when costly mistakes occur.
4) The idea of paying taxes makes us resentful. It seems unfair to work so hard and then see our earnings depleted. Understanding the value of tax breaks and how to use them will help! Our CPAs remain well-informed on the latest IRS tax credits and deductions changes. https://www.irs.gov/credits-deductions-for-individuals
After-tax-filing anxiety. Once those taxes are filed, you wait and worry. Were they done correctly? Did you maximize your return and minimize the output? Most tax refunds are issued after 21 days. Here are some FAQs from the IRS site to help https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions.
5) Delinquent tax returns. With small business owners, miscommunication can create big trouble. The bookkeeper was supposed to manage all the tax filings, but they thought you would finish it. A business owner is paying someone overtime or burning the midnight oil to get the taxes done late. Bypass this by working directly with a tax expert ready to manage business tax returns from start to finish.
6) Redundancy. Yes, the U.S. Tax system is more complicated than many other countries. For instance, how many times on how many forms does a person have to claim their dependents, assets, etc.?
7) Outright Tax Aversion. Yes, this is a real thing. Do not confuse it with “tax evasion,” where people don’t purposefully pay taxes. Aversion is where people hate dealing with taxes so much that they ignore them. We are here to take over this distasteful task from self-proclaimed “tax-o-phones” and get the work done for them.
8) Remaining current about business tax regulations. Although business owner loves getting a large return, they may say this is one of “the ten things we hate about taxes.” Taking the time to review current state and federal rules to figure out how to receive the optimum deductions is a chore. And it varies depending on whether a business is an LLC, S-Corp, C-Corp, etc. (https://www.safeharborcpa.com/business-tax/)
9) Filing amended tax return due to mistakes. It’s common to make errors when filing complicated taxes alone. That’s why it’s recommended no one does this. Still, we don’t judge. Our CPAs (https://www.safeharborcpa.com/second-opinion/) can help manage an amended tax return to help avoid audits and get a Bay Area resident back on track.
10) Yes, a majority of Bay Area residents do not find tax management fun. Instead of avoiding, worrying or slogging through the process, contact a top-rated CPA firm to help mitigate the work and keep the IRS from showing up at your door.
