And I thought the three full days I spent preparing my self-employed tax return last week was painful. Turns out most Yahoo! Small Business readers probably have it even worse.
A survey released today by the National Small Business Association indicates that a majority (60 percent) of small businesses spend more than 40 hours per year grappling with the complex and inconsistent federal tax code, and 40 percent spend more than 80 hours.
In addition, the organization's 2014 Small Business Taxation Survey revealed that 86 percent of owners must pay an external tax practitioner or accountant to handle their taxes; nearly a third spend more than $10,000 annually on federal tax preparation; and nearly half spend more than $5,000 in the form of accountant fees, internal costs, and legal fees.
As NSBA First Vice Chair Tim Reynolds testified yesterday to the House Committee on Small Business, "This is before they even pay their actual taxes!"
The NSBA survey release was timed to coincide withRead More »from A Week to Prepare Your Tax Return? Typical