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Accounting and Bookkeeping Services in Torrance, California
Small business owners in Torrance trust 1-800Accountant's expert CPAs to handle their bookkeeping and tax needs, freeing up valuable time to focus on growth and profitability.
Our Accounting Services for Torrance Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by a CPA with expertise in your industry so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Torrance tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business tax advisor. Strategic planning helps minimize your business tax liability in California throughout the year while ensuring compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Torrance, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in California with our complimentary incorporation services. Simply cover any Torrance fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
Discussing your business taxes with 1-800Accountant is quick and easy:
- Set up a time for us to give you a call.
- Tell us what’s going on with your business.
- Get matched with an accountant who knows your industry & local regulations.
| Level | Rate |
|---|---|
| State Tax Rate | 6.00% |
| County Tax Rate | 3.75% |
| Municipal Tax Rate | 0.50% |
| Combined Sales Tax Rate | 10.25% |
| City-Specific Taxes |
|---|
| The City of Torrance requires all businesses to pay an annual Business License Tax based on gross receipts and business type. There is a $50 minimum fee and a 0.003% rate on receipts above $100,000, due each year by February 1. |
| Licenses and Permits |
|---|
| All businesses operating in Torrance must obtain a City of Torrance Business License if they are physically located within Torrance, perform work within city limits, or use their own vehicles to make deliveries in Torrance. |
| Non-profit organizations must file a special application for exempt status. |
| New businesses require zoning approval before operating. |
| Businesses must obtain a Sales Tax Number from the state. |
| If operating under a name different from the owner's, a Fictitious Name Statement must be filed with Los Angeles County. |
| Grants and Funding in Torrance | Grants and Funding Information |
|---|---|
| City of Torrance Business Assistance Programs | The City of Torrance Economic Development Office offers guidance on accessing various grant and loan opportunities, potentially connecting businesses with local and regional funds. Services include expedited permitting, site selection assistance, and technical support. Contact the Office of Economic Development at EconomicDevelopment@TorranceCA.Gov or (310) 618-5807 for current programs. |
| LA Region Small Business Relief Funds | Periodic relief funds for small businesses in the Los Angeles region, including Torrance. Applications typically open in cycles throughout the year, with the most recent round beginning in February 2025. These funds provide direct financial assistance to qualifying small businesses impacted by economic challenges. |
| Technical Assistance Program (TAP) | While not a direct grant to businesses, this state-funded program supports Small Business Technical Assistance Centers that provide free or low-cost business consulting, training, and support services for Torrance small businesses and entrepreneurs. These centers can help businesses access additional funding opportunities and resources. |
| California Small Business Grants | Micro Biz in SoCal maintains an updated list of legitimate state and local funding programs applicable to Torrance businesses. This resource aggregates various grant opportunities from state agencies and regional programs that Torrance businesses may qualify for. |
What to Look for in Torrance, California Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Torrance small business, you should consider the following factors:
Certifications and California Compliance: Verify that your financial professional holds appropriate credentials such as CPA licensing and maintains good standing with California regulatory bodies. They should demonstrate thorough knowledge of California's complex tax code, including the state's unique franchise tax requirements and local Torrance business tax obligations.
Industry-Specific Experience: Find professionals with experience serving Torrance's growing sectors like craft brewing, retail, hospitality, and manufacturing. A bookkeeper or accountant who has worked with businesses in your industry will understand your specific financial challenges, inventory management needs, and seasonal cash flow patterns.
Understanding of Local Economic Landscape: Select a professional familiar with Torrance's unique business environment, including its position as a manufacturing hub within Los Angeles County and its growing tourism sector. This local knowledge helps with accurate financial forecasting and identifying business opportunities specific to South Bay's economic conditions.
Knowledge of California Tax Incentives: California offers numerous tax credits and incentives that Torrance businesses can leverage, including research and development credits, manufacturing equipment exemptions, and small business hiring credits. Your accountant should proactively identify these opportunities to reduce your tax burden while maintaining compliance with California's stringent reporting requirements.
Technology Integration Capabilities: Look for professionals who use modern accounting software that integrates with popular e-commerce, point-of-sale, and inventory management systems common among Torrance retailers and restaurants. This technology proficiency improves accuracy and provides real-time financial insights to help your business thrive in competitive local markets.
Multilingual Services: Given Torrance's diverse community, consider whether multilingual accounting services would benefit your business operations, especially if you serve or employ individuals from the city's significant Japanese, Hispanic, or Korean communities. This capability can improve communication and help navigate cultural nuances in financial practices.
Talk to a business tax expert today for all your tax needs in Torrance.
Additional California Accounting Resources:
California Business Tax Guide for Small Businesses
How to Start an S- Corporation in California
A Beginner’s Guide To California Payroll Taxes
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.