Small businesses report the 2010 tax year will be more difficult than in prior years, according to the results of a new survey.
The study, conducted by Discover Financial Services, shows more small companies are facing troubles when it comes to organizing and preparing their taxes. Data reveals more than 50 percent of the 750 small business owners polled said finding and organizing documents was more difficult this year, in comparison to 39 percent who gave the same response in 2007. Additionally, only 11 percent reported taking advantage of the new small business tax deductions this year.
In response to the increased difficulties, 68 percent of respondents said they sought the assistance of a tax preparer to file their returns.
Separate studies show many Americans, including young college students and individuals with sizable assets, are confused about the filing process, opting to seek out professional services to guarantee accuracy and maximize their returns. Industry experts have encouraged Americans to begin organizing their documents and make an appointment with a tax service sooner rather than later, amid the increased activity surrounding the new tax legislation and reforms.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.