With April 15 - tax day - firmly placed in our rearview mirror, we thought it would be fun to highlight what small business owners could be doing with the time they spend filing their taxes.
After all, the paperwork associated with tax season is an administrative burden that takes an incredible amount of time for small business owners, according to a new survey by the National Small Business Association.
The findings state that, on average, small business owners spend at least 40 hours filing their federal taxes each year. For those of you doing the math, that's the equivalent of a full work week. What's more, one out of three business owners spend the equivalent of three weeks on this annual chore!
We know that filing federal taxes is the law and something that business owners must do each year, and we're not advocating anyone does the following activities in lieu of filing their taxes. But, instead of spending the equivalent of, let's say two work weeks doing so, business owners could be doing one of these five activities instead:
1. Fly around the world 1.7 times on a commercial jet.
2. Compete in 17 marathons at the average U.S. pace of 10:34 miles/hour.
3. Travel to the moon 4.8 times, traveling on NASA's New Horizon's Pluto mission.
4. Watch all eight Harry Potter movies four times.
5. Cook 14.5 perfect 20-pound unstuffed turkeys back to back.
Which would you rather do during the time you set aside to do your federal taxes?
The survey also found that 67 percent of small business owners polled support broad tax reform that will reduce both corporate and individual tax rates coupled with reduced deductions.
If you are interested in what else the survey found, please click here to see the full NSBA 2014 Small Business Taxation Survey.
And thanks to the U.S. Chamber of Commerce website for the fodder behind this blog post.
Tags: 2013 taxes, small business taxes 2013, federal tax filing, taxes for small business owners