With tax season almost over, many small business owners scramble to finalize the all their records to ensure a smooth tax filing process. In actuality, many small business owners are not aware that for corporations, the tax deadline is March 15th not April 15th. Hopefully small business owners filed extensions 6months using Form 7004. A recent survey conducted by Rasmussen Reports LLC for Discover Small Business Watch states that a quarter of small business owners feel that tax season is a distraction from growing their business. With the proposed changes to the tax code (see previous blog post) for small business in the next few years, this burden could increase substantially.
Not all the news from the survey was bad however; almost 50% of small business owners feel that the economy was getting better. This is up from 44% of respondents in February. The small business owner feels better about the economy than their larger Wall Street counterparts. This in turn means that the small business owner feels better about their cash flow situation in the coming quarters of the year. It will be interesting to see how things pan out as the year progresses.
The survey also stated that almost 75% of small business owners used a tax pro to prepare their taxes and handle all the paperwork that comes with filing. Hiring a tax pro may be a good idea for a small business owner. By passing their tax information to a professional, the small business owner can focus on bringing in more business, thus keeping their Business N Synergy.
Brian N. Stovall