For most people, just hearing the word taxes is enough to cause uneasy feelings, but for business owners the thought of doing their own business taxes can be a nightmare. Filing individual tax returns can be hard enough but the process gets even more complicated for a business. Plus, even if you have a good handle on your tax situation, it can still take countless hours to complete them.
In fact, according to a survey by the National Small Business Association, taxes for small businesses can be quite time-consuming. According to the results of the Small Business Taxation Survey the average time it took to prepare taxes for a third of all small business owners was more than 80 hours. Additionally, these same businesses were paying about $5,000 or more in federal taxes.
Additionally, nearly 60 percent of small businesses reported in the survey that the biggest challenge from federal taxes is administrative burdens. Just over 40 percent said their biggest issue “was bearing the financial burden involved in the taxation process.”
Another big concern for small business owners is that the tax process continues to get worse. Many small businesses report that the process gets more difficult, takes more time and costs more money every year, which all contribute to taxes being a significant burden.
One way to help ease the burden of small business taxes is to hire an experienced firm, like GROCO to do your taxes for you. Click here or call us at 1-877-CPA-2006 to learn more.
The post How Long Does it Really Take to Prepare Business Taxes? first appeared on Advisors to the Ultra-Affluent – Groco.