Three things you can count on in life are death, taxes and the strength of small businesses. One topic owners feel strongest about is taxes.
The National Federation of Independent Businesses (NFIB) Research Foundation recently polled their members about the country’s tax code. Sixty percent of their members operate small businesses with ten or fewer employees.
Take a look at what these small business owners said and see if you share their opinion:
- The tax code is too complex and should be overhauled
- Most find it increasingly difficult to comply with the tax code and instead rely on professional tax preparers to prepare their filings
- More than half believe that simplifying the tax code should be a top priority out of all potential reform options
- One of the biggest tax challenges is the continuous change in tax regulations which hampers their ability to plan ahead and leads to a higher cost to comply
Small businesses surveyed overwhelmingly agreed that any ultimate revisions to the Federal tax code should result in lowering their tax burden. They feel that change should come in the form of lower tax rates and few tax preferences, like deductions.
In fact, some owners responding to the survey are willing to accept closing or modifying tax preferences in exchange for lower tax rates. The idea is to create a level playing field with respect to tax issues.
Whether or not you agree with the specific findings of this study, taxation is an important issue to small businesses and can have a significant impact on their success.
For more information on the study, go to nfib.com/advocacy.