Small Business Finance News

Majority Of Small Business Owners Contract With An Outside Accountant

Written by Jenna Weiner
Published: 4/11/2011

A new survey reveals that taxes present significant monetary and time challenge to small business owners.

As the April 18 tax deadline looms, the National Small Business Association has released a survey that may include key small business news for owners and analysts.

Small Business Accounting Trends

Its research found that the complexity and inconsistency within federal tax codes may be harming the small business community by requiring them to spend more time and money than they may have in order to comply with federal regulations.

The survey revealed that 87 percent of small business owners pay for an outside accountant or other tax return preparer. Furthermore, payroll taxes were found to be the most burdensome tax for this sector, yet only 44 percent were able to afford using an external payroll company.

"The time for a serious debate on broad tax reform is now," said NSBA President Todd McCracken in a statement. "The ever-growing patchwork of credits, deductions, tax hikes and sunset dates is a roller coaster ride without the slightest indication of what's around the next corner. This is unsustainable and unacceptable."

For small business owners who have yet to file their taxes, Forbes blogger Stuart Robertson suggests a quick way to reduce personal taxes is to transfer $5,000 into an Individual Retirement Account.

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