Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Biz Owners: Curious how much time & money the average American spends on their tax return?

Name: Painting Biz Owners: Curious how much time & money the average American spends on their tax return?
Uploaded: 2023-09-19T13:15:00+00:00
Duration: 30 s
Channel: Daniel Honan
Description: The average American spends over 13 hours and $250 yearly on tax prep. For business owners, especially S corps and partnerships, the burden is much…

19 Sept 2023 · 1 min

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The average American spends over 13 hours and $250 yearly on tax prep. For business owners, especially S corps and partnerships, the burden is much steeper due to added complexity, though exact figures aren't given.

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The IRS estimates that the average American spends $250 and more than 13 hours a year just filing their personal taxes. So that's buying the software, collecting all of your records, putting in all the data. That's a pretty hefty investment of time and money. And then to not even be able to trust that your information is being protected feels like a pretty big violation. If you have a business, especially a business entity like a, like an S corp or a partnership, then those numbers are going to be a lot higher. I don't have the data on it, but business returns are always going to be more complicated than a personal one.