With tax time upon us and the corporate filing deadline (March 15) looming, Dealstruck, Inc., a leading small business online lender, announced its recent survey of more than 500 business owners nationwide indicated that instead of taking a trip to Vegas, company owners are taking a more responsible route with their expected refunds this year.
The new survey involved respondents to this tax-time survey that were mature, both in age of owner and tenure in business. Eighty-five percent were over the age of 45 and 52% reported being in business for more than 10 years. Tax filing behaviors vary based upon annual business revenue. Of business owners generating more than $250,000 annually, 75% are filing taxes separately, whereas 62% of businesses generating less than $250,000 are filing personal and business taxes together.
Finally, although the survey gave these business owners options to choose from, such as taking a trip, buying themselves or someone else a gift, or even getting an elective medical procedure, their intentions were more responsible.
Candace Klein, chief strategy officer at Dealstruck, commented:
“Since many of the respondents in our survey reported generating additional personal income outside of their business, we expected to see a varied response on their use of tax refunds. However, we were pleased to find that small business owners are using their refunds to place themselves and their business in a stronger financial position. This was heartening to us, as we seek to provide financing to responsible, conscientious business owners looking to grow their businesses.”
One of five small business owners reported that they do not expect to receive a tax refund, but of those who do, 89% intend to either save it, pay off debt, or invest, and 22% intend specifically to invest their return back into their business.
See the full survey here.