CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
SurveysApr 12, 2015
Survey lends insight into tax time
The average small business owner spends 40 hours and as much as $5,000 each year doing their taxes, a pre-April 15 survey just released by the National Small Business Association shows.
Washington--April 15, the day colloquially dubbed Tax Day that serves as the deadline for filing returns, is only a few days away, unfortunately.
Paying taxes is a burden that small businesses owners and individuals alike must bear and, as Benjamin Franklin so wisely pointed out, it’s the only certain thing in life besides death.
Each year, an organization called the National Small Business Association, or NSBA, conducts a survey of its members that delves into how much time they spend on their federal taxes, what sections of the tax code they find most frustrating and how much it costs them. The NSBA is a Washington, D.C.-based nonpartisan advocacy group for small business owners in the United States, with 65,000 members in every state and representing all industries.
The results of the 2015 survey show that when asked how much time they spend each year dealing with their federal taxes--i.e., calculating payroll and other business-related taxes, filing reports, working with their accountant, estate planning, etc.--the greatest percentage of survey-takers, 23 percent, said 21 to 40 hours while the second-highest percentage, 22 percent, spend 120 hours or more.
For 47 percent of those surveyed, the preparation of their taxes costs them between $1,001-$5,000 (28 percent) or $5,001-$10,000 (19 percent)--and that’s not even including any amount the business owner might owe to the federal government.
The NSBA states in its summary of the survey results that the time and money spent preparing taxes--coupled with the fact that 85 percent of small business owners reported that on top of it all, they still have to pay an accountant to actually do the taxes--ought to be a “clear signal that the tax code is far too complex.”
Other insights for the survey include:
--Nearly half of small business owners file and pay on time (49 percent). The second-highest percentage reporting filing and paying under extension (27 percent);
--In terms of both administration and cost, survey-takers ranked payroll taxes as the most burdensome; and
--Sixty-seven percent said that federal taxes have a significant to moderate impact on the day-to-day operation of their business, while 59 percent said credit and deductions have a significant to moderate influence over decisions related to their company and employees.
This is the fifth year that the NSBA has conducted its Small Business Taxation Survey. It was distributed online between March 13 and 14 and surveyed more than 675 small business owners.
More than half of those surveyed had between one and four employees (34 percent) or five to nine employees (19 percent), with annual payroll of less than $100,000 (26 percent) or $100,000 to $500,000 (31 percent). Revenue-wise, 44 percent reported gross sales or revenues of $500,000 to $1 million (13 percent) or $1-5 million (31 percent).
A total of 8 percent those surveyed reported being in the retail trade when asked to describe the industry or sector in which their business operates.
The entire report can be downloaded at NSBA.biz.
More on Surveys
The Latest
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
