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Small Business Survey Highlights Tax Confusion

Small Business Survey Highlights Tax Confusion

The recently released SB Authority Market Sentiment Survey from The Small Business Authority suggests that 55 percent of small business owners do not completely understand the tax returns that they sign.

According to the survey, which included more than 1,300 respondents, 48 percent said they do not prefer a flat tax rate, even if it would not have an impact on their 2012 payment. A total of 57 percent of small business owners said they would rather receive the same or fewer government services with the same tax rate than pay more for additional services.

Barry Sloane, chairman, president and CEO of The Small Business Authority, said in a release that the results highlight some important tax issues facing small business owners.

"Taxes for small businesses are complicated to compute, a necessary evil and unfortunately are not completely understood by the independent business owner community," Sloane said.

Though many may be uncertain about some portions of their tax returns, small business owners are anticipating an increase in capital spending over the next 12 months, as hiring projections and overall business confidence is gaining, according to the Wells Fargo/Gallup Small Business Index.