Survey Shows Small Businesses Need Help with Taxes and Basic Accounting
Small business owners are not as tax savvy as they think they are, according to a new survey from Clutch, the leading B2B research, ratings, and reviews company. Thirty percent (30%) of small businesses believe they overpay their taxes and could claim more deductions and credits. This is despite the fact that 93% of small businesses rate themselves as ‘very or ‘somewhat confident’ in their ability to accurately file taxes.
The survey focused on small business owners and managers who are involved in their businesses’ financial decisions to determine how they manage their finances and where they fall short.
Small businesses can benefit from seeking outside help for their taxes, even if they think it isn’t worth the cost, accounting experts said.
“It pays to have an actual tax accountant that knows the latest rules, the financial packages, and who has software that is up-to-date with the IRS,” said Wanda Medina, managing partner at Maventri, a full-service digital firm providing accounting, marketing, and administrative support services. “In the long run, it’s going to save a lot of money versus small businesses trying to do it on their own.”
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Shared from: CPA Practice Advisor