Bay Area business owners are probably looking to the 2017 tax filing season with a little bit of dread. Maybe some folks are procrastinating instead of facing the facts that it has to be done. Our Safe Harbor tax professionals are geared up and ready to take away the stress of preparing your own small business taxes. Yes, we enjoying handling tax filings; that’s why it’s our career. Still, it’s understandable why others may not feel the same way. Filing taxes can seem intimidating to someone who doesn’t feel comfortable with business tax law. Our San Francisco tax consultants know what’s changed and new deductions to be aware of. We can easily step in and support any small business owners with the possible “tax filing phobia” they are experiencing.
Prepare Yourself for Tax Season
There are a few things that you can do to prepare yourself for the tax season as well. The IRS has announced a “Get Ready” campaign and asked tax preparation services to get the word out. As a small business CPA (here in San Francisco), we want to share some important dates and details to help your tax season run a bit smoother.
W-2’s New Date: The PATH Act change for 2017 requires Forms W-2, Wage and Tax Statement to be filed by January 31st with the Social Security Administration. These new changes will give the IRS more time to check returns and prevent taxpayer fraud. January 31st is also the time W-2s must be mailed out to any employees.
Business Tax Credits: There are 27 general business tax credits listed on the IRS website. Your small business may be eligible for several. Did you provide childcare facilities and services to your employees this year? There’s a credit for that. Maybe you decided to “go green” and use biodiesel, there’s a credit for that too. Each business varies, it’s a good idea to contact our CPA’s to review all the possible credits your business is eligible for. Our office is convenient on Geary Street in San Francisco, but you can also call or we can even meet “over the Internet.”
Need a New Employee Identification Number (EIN)? : When the ownership or structure has changed, a business will normally need a new EIN. Also if you’ve taken on new partners or incorporated, you may need a new EIN. Our accountant team at Safe Harbor know the details to make sure your business is current for tax preparation.
If you have a Past Due Tax Return: Did you know that if you pay it now, it can limit payment penalties? Also, if there’s a refund due your business, it must be claimed within three years of the return due date. If procrastination has gone beyond a reasonable time for your small business, we are ready to help. Our tax preparers will use their expertise to limit penalties and help obtain any monies due.
Tax Preparation in San Francisco
Business tax preparation services in San Francisco are filling up with clients. If your small business needs the support of an expert tax consultant, our Safe Harbor team are always eager to help. Instead of spending hours researching eligibility for credits and deductions, let us handle the job. Whether your business is domestic, international or self-sustaining, timely tax filing is key to a timely refund!