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Small business tax prep costs still high

Industry News, News | April 27, 2018 | By:

According to The National Small Business Association’s (NSBA) 2018 Small Business Taxation Survey, 63 percent of the 953 small businesses participating in the survey report spending more than $1,000 annually on the administration of federal taxes. The 2018 NSBA survey also shows that one in three small businesses spend 40 hours each year preparing federal taxes. According to the NSBA, which supported the newly enacted Tax Cuts and Jobs Act, the complexity of tax administration for small businesses is expected to increase for tax year 2018.

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