While it’s difficult for large businesses to keep abreast of changing regulations, small businesses pay a disproportionate amount to adjust to new rules. In general, the cost of tax compliance at smaller firms is $1,518 per employee, compared with big companies, which pay about $517 per employee, according to a 2010 study from the Small Business Administration’s Office of Advocacy. [emphasis added]
This throws a rather new light on the “benefits” of temporary, one-off tax breaks aimed at small businesses, doesn’t it?
In other tax news, “Tax Freedom Day” is April 12th this year, though this varies depending upon the tax burdens of your particular state of residence. Congratulations to Mississippi, Tennessee, South Carolina, Louisiana, South Dakota, New Mexico, and West Virginia, whose residents are (statistically speaking) already through with taxes for the year!