What clients don’t know they don’t know.
By CPA Trendlines
No wonder small business owners need accountants. Many don’t understand the deductions they’re entitled to. Most don’t use bookkeeping software. And too many are still keeping paper receipts by the shoebox-load.
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After surveying more than small business owners, Manta, the small-business directory, asserts small business owners “are on top of their tax games.” But we know a few accountants who would beg to differ.
Manta’s survey found only 61% of small business owners understand the deductions available to them as business owners. Luckily about the same number, 62%, use a CPA to file taxes. Still, 21% track of expenses with paper receipts, making filing a pain.
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