Raymond Huff, president of HJB Convenience Corporation and owner of seven convenience stores, spoke about the challenges of navigating the complicated U.S. tax code. He emphasized the importance of hiring a CPA firm to ensure accurate tax filings, as the tax code is constantly changing and evolving.
Small business owners like Huff are burdened by the high costs of hiring professional tax preparers every year, with an average cost exceeding $1,000. This financial strain limits the ability of small business owners 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 this, many small business owners are still able to find ways to navigate the system on their own or with minimal assistance from professionals.
Despite these challenges, small business owners are urging Congress to take action on legislation that would extend small business tax breaks. They fear that a significant tax increase could impact their ability to recover from financial challenges and continue growing their businesses. While there is no guarantee that Congress will act quickly or in a way that benefits small businesses like Huff’s, he remains hopeful that change will come soon enough to ease his financial burdens and allow him to focus on growing his business once again.
