National Funding, one of the largest private lenders of small business loans, today announced a free tax e-book for small business owners. The company’s goal is to equip owners with information that helps them prepare their financial documents prior to filing their Federal tax return, which is due on March 15.
The National Small Business Association recently conducted a survey in which owners reported having to spend an average of 40 hours preparing and filing their taxes. 25 percent said they spend at least three weeks a year on taxes. Therefore, more than half of small employers – 53 percent – said the time and paperwork required during the tax season pose the most harm to their businesses. The remaining 47 percent said the actual tax bills are the greatest threat.
“National Funding created the online tax guide to empower and educate small business owners about their taxes,” said David Gilbert, founder and chief executive officer, National Funding. “Many of our customers reach out to us about needing funding for tax payments this time of the year, so we hope this book helps them save money and clear up confusion about the complex and ever-changing tax regulations.
The 23-page e-book includes helpful tips and real-life examples such as:
• Checklist – documents needed prior to filling out a tax return or meeting with a tax professional
• Tax form chart – shows what tax forms are required for the four types of small businesses (Sole Proprietor, Partnership, S Corporation and C Corporation)
• Deductions – shows what business expenses can and cannot be deducted
• Explanation of Section 179 – Section 179 became a permanent tax rule this year that allows business owners to deduct the cost of equipment purchases or leasing payments up to $500,000.