tax

tax trends in small business: what drives them to seek professional help

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new data obtained by 卡塔尔世界杯常规比赛时间 shows that 84 percent of small-business owners are now paying an independent tax practitioner or accountant to handle their taxes.

in addition, an increasing number of small business taxpayers appear to be taking advantage of sec.179 expensing and bonus depreciation.

the new report available from 卡塔尔世界杯常规比赛时间 includes information on:

  • the number of small business owners who use an outside tax or accounting service
  • how many hours per week a small business spends on payroll tax administration
  • average cost for using a payroll agency
  • hours spent on federal tax
  • various tax burdens
  • how to download complete report (pdf, 13 pages)

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12 good reasons for obtaining extensions

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those who know ed mendlowitz, author of the 卡塔尔世界杯常规比赛时间 tax season opportunity guide, know that he doesn’t like extensions.  however, there are valid reasons for extensions.

ed grudgingly admits to 12:

  1. you did not receive k-1s or 1099s or other documents with information that you need to report.
  2. you did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return.
  3. there is pending litigation and reporting certain transactions might prejudice your position, or you are awaiting resolution that might cause or affect an adjustment or estimate made for last year. read more →

tax pro’s still running behind last year’s pace

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at this rate, practitioners may be on track to make the april 15 deadline, but just barely. at the same time, the number and proportion of self-prepared returns continues to rise. it has been estimated that between 2010 and 2012 some 12 million taxpayers dropped out of the paid-preparer market to go to do-it-yourself software programs. and that trend is clearly continuing.

in this report: the box score so far this season, compared to year-ago periods. read more →