It’s tax season again and this season tends to be the most “taxing” on small business owners’ nerves. It is an especially anxious time for those business owners who may not have the money to have a full-time accountant. But, before filing, it might behoove us to look at some meaningful findings from a QuickBooks survey of small business owners, accountants, and bookkeepers.
The survey revealed that taxes are a primary concern among professionals. That’s not shocking given that 42% of small business owners have no idea of how much they will owe and 38% would choose to walk that road without an accountant.
Interestingly, in spite of admitting to concerns about compliance, there was an almost even split between those who prepare their taxes without professional help (38%) and those who hire an accountant or other tax professional (40%). The remaining 22% prepare taxes in-house with an accountant.
Costs seem to be a prime factor in deciding to hire professional help. The survey revealed that 49% of those who prepare their taxes without help do so because they feel that it’s too expensive. But quite revealing is that among those who hire professional help, 85% agree that it saves them time and money. Hence, it reduces anxiety and aids the compliance and planning part of the business.
So, business owners and tax-filers, in general, need to weigh the cost of hiring a professional against the potential benefits. Everyone needs to be mindful of the fact that tax accounting can be very complicated and detailed. And a seemingly tiny detail today could prove to be costly down the road.
Any questions: call 718-878-3959 or email: information@thepelifirm.com
Contributer: Chester Peters
