Tax season has come and gone, and while most of the population may hate tax season, we love it! It’s a time to shine and practice what we’ve been preparing for all year. Our CPAs have been reading up on international tax codes and multi-state tax requirements.
There are also new 2024 tax laws that will impact deductions, reimbursements, and filings. For instance, the Tax Foundation (https://taxfoundation.org/research/all/state/2023-state-tax-changes-july-1/) notes several individual and corporate income tax changes took effect on January 1, 2023. Yet, excise tax changes took effect on July 1, 2023.
Some impacts for this tax season will include:
Sales Tax Rate
Sales and Use Tax Changes
Payroll Tax
Gross Receipts Tax (GRP)
Capital Stock Tax Changes
Sports Betting
Transportation Taxes
Some of these changes will happen across many states, while only certain states may be impacted by specific changes. Bay Area individuals with financial interests in several states must know what to expect. And San Francisco business leaders are already knocking on our door to secure the best tax preparation service in San Francisco for 2024!
We Can Help Bay Area Entrepreneurs Avoid the Smokey Details for Cannabis Tax Changes in California
It’s no secret that the cannabis business in California is rising fast. As of this year, there are over 200 dispensaries in the Bay Area from San Jose to San Francisco. In fact, the business sector is so popular that San Francisco has stopped issuing new permits to keep from saturating the market. Cannabis taxes fall into the category of tobacco and vape products. They are considered “other tobacco products” or OTP. Based on declining tobacco use, State-legal marijuana stores could benefit from lowering OTP rates.
But things may change again. The U.S. could be losing excise tax money because people use fewer tobacco items. The Tax Foundation also insinuates that (https://taxfoundation.org/research/all/eu/global-excise-tax-policy-application-trends/) cannabis use is rising, and the government is noticing. The result could be tax increases on cannabis, CBD, and THC products.
This is a lot for a small business owner to soak in. Instead of managing the 2024 tax filings alone, let us help. Our tax preparation service in San Francisco supports start-ups and entrepreneurs from all types of industries.
Plug & Play Tax Software or Big Box Accountants May Miss the Mark
In business and for many individuals, every penny counts. That includes each new tax law, tax write-off, and refund check. DIY tax software may be fine if you have a simple income stream, meaning you own one house and work one job. But, if you are considered a high-income individual with several investments (especially in and out of the state), the work is much more complex. It’s best to seek an expert local CPA.
Bay Area business owners and high-net-work individuals should consider skipping the big box tax companies and contacting a top CPA nearby. Why? Because a local CPA skilled in California tax prep won’t treat you like an assembly-line item. Many big-box accounting firms boost their workload by hiring “seasonal” contractors. An individual or small business could be lost in the shuffle and moved along too quickly, leaving valuable “scraps” on the manufacturing floor. You don’t want to leave any “scraps” of deductible income behind because that’s a loss. An expert San Francisco CPA will take the time to carefully review and apply everything to leverage tax returns for our clients’ uttermost benefit!
Yes, tax time is coming, but what most Bay Area residents consider a headache, we see as a welcomed challenge. Contact us to get the work underway and bring you the best tax preparation service in San Francisco.
