Taxes

Ten Tax Stats for Procrastinating Small Business Owners


Most small business owners pay taxes to the federal government all year round, but April 15 is still a big deadline for millions of business owners. For procrastinators still preparing your filings, here are some numbers that may or may not make you feel better:

• 26 million: Unique visitors to IRS.gov last month, more traffic than to any other government site. (Take that, healthcare.gov.)

• 46 percent: The share of small business owners who don’t work with an accountant, according to a GoDaddy survey.

• 80 hours: Forty percent of small business owners spent at least that much time dealing with federal taxes last year, according to the National Small Business Association.

• 106,776: The number of very small businesses that were audited last year. (To be precise, these are nonfarm businesses that reported less than $25,000 in gross receipts and didn’t claim the earned income tax credit.)

• $5,500: What auditors demanded, on average, from those businesses in additional taxes.

• $4.5 billion. The amount of IRS penalties handed down last year that related to payroll taxes

• $4.1 million: Colorado’s estimated take from taxes on medical and recreational pot sales in February.

• $257.6 million: License fees that the Washington state Liquor Control Board collected in the year ended June 2013 after privatizing its liquor store system.

• $670 million: How much California is spending over five years on technology to boost revenue by collecting unpaid taxes.

• $10 billion. California’s estimated “tax gap,” the difference between what people and businesses owe and what the state collects.

Clark is a reporter for Bloomberg Businessweek covering small business and entrepreneurship.

Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus