Small businesses in the United States always have to make sure that they file taxes in a correct and legal manner. According to the latest data, the odds of being audited if you are a small business owner are against you. Small business owners are 30% more likely to be audited today than they were in 2005.
The landscape of business owners has changed drastically over the years. The following infographic provides a historic snapshot of this change from 1960s to present day.
- 75% of America’s private sector workers is made up of small businesses
- Business ownership is no longer confined to a specific age group
- While degree is not necessary to start a business, over 72% of small business owners have a college degree or higher.