Raymond Huff, the President of HJB Convenience Corporation and owner of seven convenience stores, discussed the challenges that small business owners face when navigating the intricate U.S. tax code. He underscored the importance of hiring a CPA firm to ensure accurate tax filings, as the tax laws are constantly changing and evolving.
Small business owners like Huff are facing significant financial burdens due to the high costs of hiring professional tax preparers every year, with an average cost exceeding $1,000. This financial strain limits their ability to invest in their businesses and grow their operations.
During his testimony before the House Small Business Committee, Huff highlighted the need for tax reform that supports small businesses. He urged Congress to extend the tax breaks provided by the Tax Cuts and Jobs Act (TCJA) to help small businesses like his own continue to thrive.
Experts and small business owners emphasized the unfair advantages that wealthy individuals and corporations have due to the complexities of the tax code. The current system disproportionately benefits those who can afford to hire teams of professionals to navigate the tax laws effectively.
Despite efforts from small business owners and advocates, Congress has yet to take action on legislation that would extend small business tax breaks. Small business owners are urging Congress to act quickly to prevent a significant tax increase that could impact their ability to recover from the financial challenges of the past year.
