Small Businesses Are Devoting More Time To Taxes

With the complexities of our tax laws ever-increasing, it’s no surprise that small businesses are spending more and more time on their federal taxes. According to a survey from the National Small Business Association, 64% of small businesses spent more than 40 hours complying with federal tax taxes, while 46% of the companies spent more than 80 hours. Without meaningful tax reform, it’s safe to say this burden on the small business person will only increase in the years to come. If this subject concerns you, as it does me, I suggest you contact your congress person and ask them what they are doing to rectify this growing problem.

This article from CFO, goes into detail on this subject and discusses what the small-business respondents suggested to reform our tax code.