As the Owner and CEO of a small business, I have learned valuable lessons about running an effective organization. You learn quickly that you need to be able to budget and make decisions that benefit both your company and your employees. However, one of the most concerning issues facing American small businesses is the current tax situation. Simplicity is key for the growth of a company, especially in its early years, and taxes can be an absolute headache when it comes time to prepare and file. The 2017 Small Business Taxation Survey reported that 84 percent of respondents were forced to pay an external tax practitioner or accountant to handle their taxes. Conversely, if a business owner tries to do their taxes in-house, they lose valuable time and run the risk of being audited. Both situations create piles of red tape and the result is a lull in the rate-of-growth or even worse, a loss of initiative to start new businesses all together. Leaving party politics aside, when it comes to improving current tax laws, one of the biggest hurdles is changing the current laws on the books. Both sides of the aisle are guilty of coming up short when passing comprehensive tax legislation that bodes well for small businesses. This is a real and pressing issue that is evident to small business owners across the United States. NSBA President and CEO Todd McCracken said this best, “The overwhelming majority of small businesses believe Congressional failures—partisanship and a lack of effort—are the biggest challenge facing reform, and one-third don’t believe tax reform will ever be enacted.” Small businesses foster vital competition and innovation that is crucial for America’s economy. It’s for reasons like these that the National Small Business Association conducts this annual survey. Looking forward is my hope that we may simplify the tax system to cultivate economic growth for small business and encourage more start-ups.

Follow The Blog

   Email * 
Subscribe to Syndicate

Blog Categories

Blog Authors

kajabi
eclub

EC

ad5
ad6

ad7

ad8