For many business owners, taxes are a burden to be brushed aside until the last minute. The recent corporate and personal tax return deadline was undoubtedly accompanied by plenty of anger, stress, and headaches on the part of business owners and tax preparers alike.
Almost three-fourths of small business owners say federal taxes significantly affect their day-to-day operations, but most of those business professionals know relatively little about the tax world. Tax code is so complex — the federal tax code is about 75,000 pages — that people devote their entire careers to understanding the intricate details of the system.
It might be too late to fix this year’s tax woes, but it’s never too early to start planning for next year.