Shocking Statistics about small businesses and taxes

Small Business Taxes: Unbelievable Statistics Revealed

Discover a Tax Perception Gap

Let’s delve into a prevalent conundrum about small business taxes – the tax perception gap. According to a study conducted by Clutch Accounting, 30% of business owners believe they are overpaying their taxes.

Interestingly, 93% of these owners rate themselves as “very or somewhat confident” in their ability to accurately file taxes. Impressive, right? Well, it does make sense.

As a business owner, whether you run a medical practice or a retail shop, you have a lot on your plate. Finding a reliable CPA (Certified Public Accountant) is a top priority to ensure your taxes are in perfect order. You want to steer clear of any issues with the IRS, and of course, save as much as possible.

By finding a trusted CPA, most small business owners become confident they are getting all the tax savings available.

93% of small businesses overpay taxes

The Stark Reality: Overpayment is Widespread

So, how many businesses do you think might be overpaying their taxes? Maybe 5%? 10%? Prepare to be surprised.

According to a Forbes study, a whopping 93% of small businesses overpay their taxes. That’s a significant gap between perception and reality!

But wait, there’s more! According to a study by the Treasury Inspector General for Tax Administration (TIGTA), thousands of businesses overpaid by an average of $11,638!

That’s money that could have been reinvested into your business or used for other essential purposes.

The Complex Web of Tax Compliance

So, you might be wondering, “How is this possible?” The truth is, most CPAs are laser-focused on their clients’ number one goal: staying tax compliant. After all, the last thing any business owner wants is for the IRS to come knocking and demanding more money. This laser focus on compliance, however, often means that CPAs don’t have the time to explore all the other deductions and credits their clients might qualify for. In fact, it’s typically only tax attorneys who possess the intricate knowledge of every nook and cranny of small business taxes law.

Imagine what you could do with more tax savings

The Missing Piece: Tax Attorneys to the Rescue

This is precisely why our team consists of both accountants and tax attorneys. Our aim is to uncover every tax-saving opportunity available to you. When our clients partner with us, they often find themselves receiving an average rebate of $24,000 in their first year alone. Moreover, we can continue to save them anywhere from 10% to a whopping 50% in tax savings each year thereafter.

Our Mission: Your Tax Savings

Like you, we’re not fans of excessive taxes. We’re passionate about helping businesses like yours save as much as possible. In fact, we’re proud to say that since 2021, we’ve helped small businesses reclaim $40 million of their hard-earned money.

Claiming the Unclaimed: The R&D Tax Credit

One of our key strategies for achieving these savings is by securing businesses the Research and Development (R&D) Tax Credit. Surprisingly, a generous federal credit that could benefit 70% of eligible medical practices and businesses goes unclaimed. Are you missing out on this opportunity?

Exploring Tax Benefits: It’s Worth Your While

To find out if your business is making the most of the tax benefits available, you can schedule a quick, obligation-free call with us by clicking RIGHT HERE. We’ll explore whether you qualify for the R&D Credit and uncover additional tax-saving opportunities tailored to your specific situation.

No Obligations, Just Opportunities

Rest assured, the call is short, free, and without any further obligation on your part. Even if you don’t qualify, it’s worth exploring. A thriving community of small businesses benefits our entire country.

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