America, the Land of Opportunity and Heavy Taxes [Infographic]

Is the U.S. becoming the great land of opportunity to pay taxes? Taxes are often the biggest bill a small business has to pay. Many of our representatives don’t even have a clue about what’s going on with the tax code. U.S. Representative from Ohio’s 2nd District, Rob Portman, says, “The income tax code and its associated regulations contain almost 5.6 million words—seven times as many words as the bible. Taxpayers now spend about 5.4 billion hours a year trying to comply with 2,500 pages of tax laws.” Several other representatives have complained about the sheer page and word count of the nation’s tax code.

If you’re a small business owner, you’re sure to get a massive headache when it comes time to think about taxes. Be sure to never leave yourself in an “intaxicated” haze. Playing the right cards could save you thousands of dollars. Think for yourself—research tax laws to prepare your own taxes or make an informed decision on tax advisors. Stay organized throughout the process and leverage tax laws to your advantage. You can significantly reduces the taxes you pay by being aware of and using tax laws and incentives. You can also use retirement accounts to reduce income tax for you and your employees. Whatever the case is, make a game plan and don’t put off your taxes. Missing deadlines may mean hefty penalties on top of taxes.

If you do decide to go with a tax advisor, there are several questions you should ask yourself. What services do they offer? What are their areas of expertise? What are their other services and qualifications?

Do you own a small business? How do you handle your taxes? Please share in the comments, and be sure to check out the infographic for more information!

This article was syndicated from Business 2 Community: America, the Land of Opportunity and Heavy Taxes [Infographic]

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