Small Business Finance News
Entrepreneurs Say Tax Issues Are Keeping Them From Family
Written by Jenna Weiner
Published: 6/21/2010
A new survey says many small business owners feel overwhelmed by the amount of tax paperwork they have to deal with.
When going into business for themselves, small business owners face an entirely new set of tax laws. A new survey shows that dealing with those regulations is keeping many of them from spending more time with their families.
The recent study by Galaxy Research surveyed more than 500 Australian small business owners. More than 80 percent of those surveyed said there was "too much red tape" surrounding their financial reporting procedures.
A majority of those surveyed said that in order to keep up with the paperwork, they needed to work overtime - stressful news for small business owners. More than 40 percent of entrepreneurs said that many of their evenings were spent completing tax reporting, while other finished their work on the weekends.
When asked what they would do if the process was simplified, about half of the small business owners said that the extra time would be spent with their families.
The tax reporting burden is more of a factor for small businesses - who don't have staff devoted to the task like larger companies do. The Herald Sun reported that the majority of small business owners did their own tax preparation instead of hiring an accountant.
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