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Small businesses need help with their taxes

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Federal and state taxes have been a bain for small businesses for years, and many still don't fully understand what's in their tax return, according to recent research conducted by The Small Business Authority.

Confused small business owners should be sure they have business insurance policies that protect them in case they have issues with their tax return.

The SB Authority Market Sentiment Survey also found 48 percent of small business owners would not prefer a flat tax rate, while 57 percent would prefer to pay the same tax amount and would be willing to receive the same or less government services, as opposed to paying more for more services.

"It is clear from the results of our poll that the majority of business owners, despite wanting tax simplification, would prefer not to have a flat tax and give up all their deductions," said Barry Sloane, president and CEO of The Small Business Authority. "The fear of the unknown, which is what their effective rate would be versus tax simplification, is not a tradeoff that they are prepared to make at this point in time."

For small business owners having trouble with their taxes, one place they can turn for help is the Business Finance Store, which recently published a blog post that has some practices small businesses can enact while filing their taxes.

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