How Long Does it Really Take to Prepare Business Taxes?
How Long Does it Really Take to Prepare Business Taxes?
For most people, just hearing the words business taxes is enough to cause uneasy feelings, but for business owners the thought of doing their own business taxes can be a nightmare. Filing individual tax returns can be hard enough but the process gets even more complicated for a business. Plus, even if you have a good handle on your tax situation, it can still take countless hours to complete them.
In fact, according to a survey by the National Small Business Association
Taxes for small businesses can be quite time-consuming. According to the results of the Small Business Taxation Survey the average time it took to prepare taxes for a third of all small business owners was more than 80 hours. Additionally, these same businesses were paying about $5,000 or more in federal taxes.
Additionally, nearly 60 percent of small businesses reported in the survey that the biggest challenge from federal taxes is administrative burdens. Just over 40 percent said their biggest issue “was bearing the financial burden involved in the taxation process.”
Another big concern for small business
Is that the tax process for small business owners continues to get worse. Many small businesses report that the process gets more difficult, takes more time and costs more money every year, which all contribute to taxes being a significant burden.
Business taxes, Conclusion
One way to help ease the burden of small business taxes is to hire an experienced firm, like GROCO to do your taxes for you. Click here or call us at 1-877-CPA-2006 to learn more.
We hope you found this article about “How Long Does it Really Take to Prepare Business Taxes?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
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Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
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