Small Business Tax Literacy Gap

A recent Public Private Strategies Institute survey found that there’s a small business tax literacy gap. More than one third (37%) of small business owners feel nervous, scared, or bad about filing taxes. This is so even though 87% use tax professionals or software to prepare their returns. One of the biggest issues: 54% didn’t set aside money to pay taxes and another 30% didn’t know they had to so do (and didn’t set aside money for this purpose). #IdeaoftheDay