by Kent Hoover
April 10, 2014
The biggest tax problem for small business owners isn't the amount of money they owe the government, it's the time and money it takes for them to figure out what that amount is.
That point was driven home this week by a survey by the National Small Business Association, and testimony to Congress by NSBA member Tim Reynolds, who owns Tribute Inc., a 38-employee software company in Hudson, Ohio.
A majority of the small business owners surveyed by NSBA said the administrative hassles of complying with the federal tax code are a bigger burden than their tax bill itself.
Nearly 60 percent of small business owners spend more than 40 hours a year dealing with federal taxes, the survey found.