A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Survey lends insight into tax time
The average small business owner spends 40 hours and as much as $5,000 each year doing their taxes, a pre-April 15 survey just released by the National Small Business Association shows.
Washington--April 15, the day colloquially dubbed Tax Day that serves as the deadline for filing returns, is only a few days away, unfortunately.
Paying taxes is a burden that small businesses owners and individuals alike must bear and, as Benjamin Franklin so wisely pointed out, it’s the only certain thing in life besides death.
Each year, an organization called the National Small Business Association, or NSBA, conducts a survey of its members that delves into how much time they spend on their federal taxes, what sections of the tax code they find most frustrating and how much it costs them. The NSBA is a Washington, D.C.-based nonpartisan advocacy group for small business owners in the United States, with 65,000 members in every state and representing all industries.
The results of the 2015 survey show that when asked how much time they spend each year dealing with their federal taxes--i.e., calculating payroll and other business-related taxes, filing reports, working with their accountant, estate planning, etc.--the greatest percentage of survey-takers, 23 percent, said 21 to 40 hours while the second-highest percentage, 22 percent, spend 120 hours or more.
For 47 percent of those surveyed, the preparation of their taxes costs them between $1,001-$5,000 (28 percent) or $5,001-$10,000 (19 percent)--and that’s not even including any amount the business owner might owe to the federal government.
The NSBA states in its summary of the survey results that the time and money spent preparing taxes--coupled with the fact that 85 percent of small business owners reported that on top of it all, they still have to pay an accountant to actually do the taxes--ought to be a “clear signal that the tax code is far too complex.”
Other insights for the survey include:
--Nearly half of small business owners file and pay on time (49 percent). The second-highest percentage reporting filing and paying under extension (27 percent);
--In terms of both administration and cost, survey-takers ranked payroll taxes as the most burdensome; and
--Sixty-seven percent said that federal taxes have a significant to moderate impact on the day-to-day operation of their business, while 59 percent said credit and deductions have a significant to moderate influence over decisions related to their company and employees.
This is the fifth year that the NSBA has conducted its Small Business Taxation Survey. It was distributed online between March 13 and 14 and surveyed more than 675 small business owners.
A total of 8 percent those surveyed reported being in the retail trade when asked to describe the industry or sector in which their business operates.
The entire report can be downloaded at NSBA.biz.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.