There are very many businesses in San Francisco. According to the 2020 census, there were 34,692 employer establishments, and a further 91,940 non-employer establishments – one man or woman businesses or mom and pop’s. That’s 126,632 in total.
All of those businesses have one thing in common, whatever size they may be. They have to file tax returns. They may not all have to pay tax, if they are not making a profit, but they still have to file returns.
If your business is making a profit and you do have to pay taxes, then you want those taxes to be the absolute minimum required by law. At Safe Harbor, as a small business CPA in San Francisco, our goal is always to ensure that you do just that. Not a cent more than the law requires.
Now of course, we do understand that a number of small businesses will try to do their own tax returns in order to “save money” instead of employing a CPA, but it is very short-sighted thinking. As a small business CPA in San Francisco, we understand the laws around tax. They can be very complicated, but it is our job to understand them, and also to keep up with the constant changes in both federal and state tax requirements.
Twists And Turns
The thing is that there can be all sorts of twists and turns which the average businessman or woman will have no idea of. For instance, let’s say you want to take a holiday in Hawaii or Honolulu or Haiti. Has it occurred to you that you could claim part or all of the cost on expenses?
If you include going to an exhibition, or a conference, or visiting a potential new supplier in your trip, you may be able to claim all or part on expenses! So, you conduct a little amount of business and may be able to get a free holiday courtesy of the state or federal government. That is just one possibility.
At Safe Harbor, as a small business CPA in San Francisco, we are always on the lookout for ways in which our clients can save on their tax bills. We have said before, but it is worth repeating, that if our fees are, say, $1,700, and we save you $1701 in taxes, then you are in profit! In fact, we aim to save you a lot more than that, but you can see the point.
So don’t try to file your own tax returns. Pay us to do it for you, because we’ll do it right!