Only one in ten small business owners file their taxes on their own, according to the IRS.
If you’re among the 10 percent of small business owners who do your own taxes, take heart as you pull your hair out getting your forms in order this month: A simpler tax code is another step closer, and provisions aimed at small business are included.
House Ways and Means Committee Chairman Dave Camp (R-MI) this week released a third “discussion draft” of the Tax Reform Act of 2013. This version includes language aimed at creating a simpler and fairer tax code for small businesses.
“Every dollar spent on complying with an overly complex, burdensome and broken tax code is a dollar that cannot be used for investment, hiring, and higher wages for American workers,” according to Camp’s statement. Camp also issued a Fact Sheet offering several reasons the tax code needs to be simplified, including that “Today’s tax code contains almost four million words,” and, “On average, more than one new tax provision has been added to the tax code each day, with nearly 4,500 changes in the last
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