Just over half (52%) of small business owners expect to get a refund and, among them, 70% have plans to put their refunds toward business growth initiatives, according to a new online survey conducted by Balboa Capital. The “Tax Time” survey was sent to a sample of small business owners nationwide in February 2020.
“With the 2020 tax deadlines looming, small business owners have already started preparing their returns, and half of those we surveyed anticipate getting a tax refund,” said Matthew Von Velasco, tax accountant at Balboa Capital. “Additionally, what we are hearing from business owners regarding their expected tax refunds is very encouraging. 70% of business owners said they are planning to reinvest their tax returns into their companies. This bodes well for their employees, suppliers, and vendors, not to mention their customers.”
Key findings of Balboa Capital’s 2020 “Tax Time” survey:
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!