It’s almost April 15th. In fact it’s right around the corner so it should be no surprise that many small business owners are thinking about taxes. OK, let me be even more blunt- owners are dreading the thought of taxes because in takes time and money!
Here’s a couple of interesting statistics. According to NSBA, which today released its 2015 Taxation Survey, 1-in-4 small businesses spend more than $10,000 per year on administration alone of federal taxes. And, more than 1-in-5 spend 120 hours or more on federal taxes.
Time and again, I hear from my small business clients and suppliers about their desire to have a more simplified approach to complying with federal regulations and their paperwork requirements. Yet, more often than not, small-business owners find themselves buried under mountains of paperwork. Most small business owners are not tax or, for that matter, accounting experts. We are experts at running our businesses. That’s why we need to rely on outside resources. In fact, 85% of small businesses pay an external accountant to handle taxes. If you are lucky, and smart, you have a good accountant. So while they are doing your taxes you can spend more time helping customers, hiring new employees and expanding your business.
If you want to know more about what fellow small business owners report as the top issues facing their organizations, check out this survey. You’ll see you are not alone.