Congratulations! You have Survived the Second Quarter!

Congratulations wage-paying business owners on filing your second quarter 94x Series Forms! Woohoo! Now you can get back to what is really important, your clients! We understand that unless you’re a tax preparer, you did not go into business to constantly file IRS tax reports. We aim to make the tax filing processes as user-friendly as possible because we love serving small businesses. Today we want to share some amazing small business facts as we celebrate your second quarter filing success!

U.S. Small Business Facts: 

According to the Small Business Administration (SBA) Office of Advocacy small businesses accounted for 63% of new jobs created in 2016, and the SBA is optimistic that the percent will continue to rise throught the remained of 2017. Last year alone 1.4 million new jobs came from small businesses with fewer than 50 people.

In the U.S. there are almost 28 million small businesses and over 22 million individuals are self-employed. The SBA defines a small business as an organization or enterprise with fewer than 500 employees. Over 50% (approximately 120 million individuals) of Americans work in a small business.

Automotive repair shops, beauty salons, and dry cleaner are apart of the fastest growing sector of small businesses.

Another report released by the SBA shows that 2.52 million businesses in the U.S are veteran-owned. Small businesses owned by veterans employ over 5 million, with an annual payroll of $195 billion and receipts over 1 trillion.

There are currently over 9.9 million women-owned businesses in the U.S. and 1 million (11%) of those have paid employees. Businesses owned by women also employee 8.4 million individuals. A majority of these jobs are for businesses with less than 20 employees.

If you failed to file your 94x Series Form, you need to as soon as possible to avoid substantial IRS penalties. You will be penalized 5% of the tax return for each month the return is late. And if you failed to pay the required tax amount or made a particular payment you will be charged 2 to 15% of the unpaid tax amount determined by the number of calendar days it remains unpaid.