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Taxes often the hardest problem faced by small businesses


Each year, a number of small businesses struggle with complications related to taxes, such as credits, deductions, tax hikes and sunset dates, according to recent research conducted by the National Small Business Association.

In order for small businesses to ensure they are protected from financial fallout from tax-related issues, they need to invest in the proper small business insurance.

"Nearly half of all small business owners spend 80 hours every year dealing with federal taxes, and two-thirds spend more than one full week," said NSBA Chair Chris Holman. "This is an unnecessary and massively unfair drain on an already struggling small business community."

The survey found 85 percent of small business owners pay external tax practitioners or accountants to help them avoid problems with taxes, while 56 percent of respondents said administrative burdens are the biggest challenge faced by their business related to federal taxes.

Helping small businesses escape the madness of Tax Day, eWeek recently released a list of iPhone and iPad applications businesses can use, which include TurboTax, Snap Tax, H&R Block Mobile Free and Ask a CPA Tax Answers Free.

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