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Tax Time on the Horizon

Date: 02/21/2007 | Category: Business | Author: Diana Heeb Bivona

Plan on doing your own business taxes or do you have an accountant? Are you going to need an extension? These are just a few questions SurePayroll was asking small business owners in a recent survey.

Of those surveyed, SurePayroll found that:

  • Nearly 88% of the small business owners have an accountant prepare their business tax return while 12% prefer to take a do-it-yourself approach.
  • Of the small business owners who use an accountant to prepare their taxes, 38% do not use their accountant for any other services. The remaining 62% use their accountant for tax planning, financial planning, financial accounting, audits or financial analysis.
  • 74% of small businesses will file their taxes on or before March 15, while 26% will get an extension.
  • When asked if their accountant has ever given them specific advice that helped them pay less in taxes, 80% of surveyed small business owners say their accountant has provided such advice, while 20% say their accountant has never provided any advice that allowed them to pay less in taxes.
  • When asked about Section 179 deductions that allow companies to deduct up to $108,000 for new asset purchases, 17% indicate that they will take a Section 179 deduction while 10% indicate they will not. 73% responded that they had never heard of a Section 179 deduction.
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