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Small Business Taxes are Too Complicated

Apr
11
Author: Stephanie Brown

Ambiguity and complexity within the tax code continues to be a major problem for small businesses. A new report from the National Small Business Association (NSBA) finds that one-in-four small businesses spent at least 100 hours or more annually on tax preparation. When businesses were asked to rate the most challenging aspect of the federal tax code, the majority selected the administration of taxes.

 

For more on this study: Small Business Tax Woes

After being sued for wrongful termination, one business owner decided he did not want to settle because he didn’t feel like he did anything wrong. Although he eventually settled after jury selection, his experience can be a model for what business owners go through. The article concludes with advice from him and his lawyer about how small business owners can plan for (inevitable) employee lawsuits.

Read more at the New York Times.