Even though the majority of small business owners across the country have their taxes prepared by an accountant or other tax professional, it’s still a time-consuming task. Business owners spend nearly two billion hours a year in their efforts to stay current and compliant with ever changing tax regulations.
These are just a few of the highlights from our small business tax filing outlook. When it comes to the cost of getting their taxes prepared each year, a little more than a quarter of small business owners spend $10,000 or more, while nearly half spend $5,000 and above. Read on for tips on overlooked deductions, and the impact that the Affordable Care Act is having on tax filing.