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Do Small Business Owners Know How New Tax Laws Will Impact Their Company? Survey Indicates Small Business Owners May Miss Opportunities Due to Lack of Knowledge About New Tax Laws April 1998 — A majority of small business owners who participated in April's survey on "Preparing Your Company's Taxes" were not aware of how new tax laws would affect their businesses. An overwhelming 81 percent of survey participants said they did not know about provisions designed to assist small business, and nearly 70 percent of survey participants did not know how new small business tax laws would impact their company. Almost two-thirds of survey respondents (60 percent) said they got professional help with their tax preparation and 75 percent relied on the U.S. Postal Service to get their returns in on time. Only 18 percent filed their returns by phone or on the Internet. Small business owners were split on their responses about when they typically prepare their companies' returns. Thirty percent said they got a jump on the April 15th deadline by filing between February 28th and March 31st, while 30 percent waited until between March 31st and April 14th. Surprisingly, one-in-four small business owners responded that they prepare their company's returns as early as January and have them out of the way by February 28th. Want to know more about effective tax preparation and new laws impacting small business? Call SCORE at 1-800-634-0245. They'll help you find a volunteer counselor in your area to offer guidance on these issues and more. Click here to view the results of previous surveys.

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