An online survey conducted by Balboa Capital revealed that nine in 10 small business owners prepared for the 2017 tax season early. In addition, 40% of small business owners surveyed expect to receive a business tax refund and, among them, 83% plan on putting it toward business-related expenses and initiatives.
This “tax time” survey was sent to a sample of small business owners nationwide in February.
“Now that the 2017 tax season is officially underway, we wanted to find out if small business owners are preparing their returns early to avoid the last-minute rush that can often result in reporting errors, filing delays, and late fees,” said Kevin Anderson, controller at Balboa Capital. “The results of our latest survey are encouraging. 90% of small business owners said they are taking the time to prepare their taxes early and will submit them before the deadline. This is a smart business strategy because the IRS is typically less busy during the early months of the year, and can therefore expedite refunds faster.”
Other key findings of the survey include:
“Getting a business tax refund is a nice bonus to cap off the busy tax season,” Anderson said. “Business owners who are expecting tax refunds this year are planning to pay off debt and invest in their companies’ futures. We look forward to helping business owners secure capital equipment financing and working capital in a quick and simple manner.”
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