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Tax Compliance Costs 67% Higher for Small Businesses

WASHINGTON, April 7, 2020 /PRNewswire/ -- Small business owners are growing more pessimistic about taxes, and report little impact from the 2017 Tax Cuts and Jobs Act, according to data gathered by SCORE, mentors to America's small businesses. Data shows that most small business owners spend more than $1,000–and more than 20 hours–preparing their federal taxes.

Small business owners are feeling more pessimistic about taxes:

(PRNewsfoto/SCORE)

(PRNewsfoto/SCORE)

 

  • 35% of small business owners surveyed in Q2 2019 expect tax policy changes to have a negative impact, up 12% from Q2 2018.

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