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How Do Small Business Owners Prepare for the Tax Filing Process? February 1999 — Contrary to what one may think, small business owners are ahead of the game when it comes to filing their taxes. Of those that participated in February's survey, 36 percent began preparing their taxes in January while 24 percent began tax preparations in February. The results also show that a majority of respondents (41 percent) prepare profit and loss statements every month. Only a small percentage (10 percent) admit to never preparing statements. As one might expect in this era of computers, the majority of respondents (67 percent) use a computer-based financial software program for maintaining financial records and logging business transactions. These sound financial management practices give entrepreneurs a head start when meeting with their accountants. In fact, 52 percent of respondents say that they rely on accountants more to prepare their tax forms than to help verify data, balance sheets or sort papers and receipts. Despite these sound practices, the majority of respondents (80 percent) admit to not being familiar with tax laws that affect small businesses. Entrepreneurs should note that in order to reap the most benefits when filing taxes, a thorough knowledge of tax laws is essential. Click here to view the results of previous surveys.

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