By All Accounts

Entrepreneurship will continue to surge in 2023 with millions of Americans starting new businesses this year, according to a new study on small business growth.

Running a small business comes with many challenges, not the least of which is accurate planning for taxes. However, this task doesn’t have to be difficult, and the banks and platforms that serve small businesses can help.

The U.S. tax code is complex. In a report to Congress back in 2012, the Tax Advocate Service reported that “the most serious problem facing taxpayers — and the IRS — is the complexity of the Internal Revenue Code (the ‘tax code’).” Yet it hasn’t been simplified. It’s only become more complex.

It’s January! And for many of us, that means it’s time to set some business goals and make resolutions about how we will improve our business processes to be more efficient. This fresh start gives us all a little extra bounce in our step as we consider the possibilities the future holds.

While some people are cheerfully preparing for the holidays, small business owners around the country are fighting back the anxiety brewing in the back of their minds about tax season. And much of the cheer they muster quickly fizzles as the new year and that other season approaches. The problem stems from thinking about the tax man coming once a year — like a warped version of Santa Claus.