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BizReport : Research archives : March 20, 2015


Survey finds SMBs want to write-off pets

One of the strangest findings in Xero's recent survey of small businesses and their tax professionals? A few SMB owners have attempted to write off their pets. Seriously. Some have also tried writing off trips to bars and strip clubs. What does this have to do with the actual running of a profitable business?

by Kristina Knight

Even small businesses need to be aware of tax laws and what is - and isn't - available to them as we had for the tax filing deadline of April 15. Among those hard lines: you can't deduct your pets, and if you try it's likely an audit will be headed your way.

"At Xero, we keep a pulse on how accountants and small business owners are doing, and how they're interacting with each other - where their attitudes and experiences are in sync, and where they differ," said Russ Fujioka, president of Xero U.S. "Tax season offers a perfect snapshot at a time when small business owners and accountants typically interact the most, reflect on the previous year's successes and challenges, and think about goals for the year ahead."

Among those challenges: tax prep workers and accountants would like their SMB clients to talk to them more often. The survey found most accountants recommend their clients sit down with them at least once per month but only about 45% of SMBs actually do that.

Still, it seems many small business owners are optimistic. The Xero survey found that about one-third are investing in their infrastructure despite the fact that most (53%) continue to find the economy a challenge.






Image via Shutterstock

Tags: small business, SMB tax tips, smb tips, smb trends, Xero








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