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The National Small Business Association (NSBA) released its 2025 Small Business Taxation Survey, highlighting the challenges small businesses face due to federal tax laws. The report underscores concerns about the expiration of the 2017 Tax Cuts and Jobs Act, which many small businesses fear will result in significant tax increases.

According to the survey, 83% of small businesses are structured as pass-through entities, meaning they pay business taxes at the personal income level. This structure makes them particularly vulnerable to potential tax hikes if Congress does not extend expiring tax cuts.

Other major findings include:

• More than 20 hours per year are spent dealing with federal tax compliance by most small-business owners, even though many hire external tax professionals.
• 90% of small businesses report that federal taxes impact their day-to-day operations, with one in three citing a significant impact.
• More than half of small-business owners say accessing needed information directly from the IRS is difficult.
• Tax administration and complexity—rather than financial cost—is cited as the largest burden.
• Among small businesses that outsource goods internationally, China is the most common country they purchase from.

NSBA has long warned policymakers about the disruptions caused by sunsetting tax laws, emphasizing how these uncertainties place additional burdens on small businesses. The expiration of key tax provisions, including the 199A Qualified Business Income Deduction, remains a top concern.

“Given that the majority of small-business owners pay business taxes at the personal income level—83 percent are pass-through entities—it’s no wonder small businesses are very concerned about potential and significant tax hikes if Congress fails to address the expiring tax cuts,” stated NSBA President and CEO Todd McCracken.

The survey results come as small-business advocates urge Congress to prioritize tax stability and long-term relief. NSBA Board Chair Michael Canty, of Alloy Precision Technologies, emphasized the need for predictable tax policies that ensure small businesses are not disproportionately affected.

“As Congress embarks on any tax extender or tax reform discussion, it is imperative that small businesses are afforded tax stability, predictability, and permanency, not to mention parity with larger businesses,” Canty stated.

This article, “NSBA Survey Finds Tax Complexity a Major Burden for Small Businesses” was first published on Small Business Trends

Community Bank & Trust has launched a Refund Anticipation Loan for the Sick Leave and Family Leave (SLFL) tax credit, also known as the Self-Employed Tax Credit (SETC), providing immediate financial relief to self-employed individuals. The loan offers an advance on tax refunds, allowing gig workers, independent contractors, and sole proprietors to access their funds without waiting for IRS processing.

The SLFL program was established under the Families First Coronavirus Response Act (FFCRA) to support self-employed individuals affected by COVID-19. Community Bank & Trust’s Refund Anticipation Loan eliminates long IRS wait times, providing instant access to funds at no cost to the applicant.

Key benefits of the SLFL Refund Anticipation Loan include:

• Instant Access to Funds – Applicants receive their proceeds immediately instead of waiting months for the IRS.
• No Credit Check or Personal Guarantee – Eligibility is based solely on SLFL tax credit qualification.
• Zero Upfront Cost – The tax preparation processing fee is covered by the bank from the loan proceeds.
• Secure and Compliant – Backed by a federally regulated financial institution, ensuring full compliance with IRS and banking regulations.

The SLFL (SETC) tax credit is a federally recognized tax benefit claimed directly on IRS Form 7202. Community Bank & Trust has conducted extensive due diligence to ensure all applications are IRS-compliant, providing a legitimate pathway for self-employed individuals to claim their entitled refunds.

“Self-employed individuals are the backbone of the American economy, yet they often lack access to the financial support available to traditional employees,” said Steve Jeffries, President of Community Bank & Trust. “By offering a refund anticipation loan on the SLFL tax credit, we are giving self-employed individuals the financial flexibility they need without having to wait on extended government processing times.”

Eligible self-employed individuals can apply for the SLFL refund anticipation loan through an approved processor working with Community Bank & Trust. The application process is fully online, fast, and secure, ensuring that funds are disbursed as quickly as possible.

This article, “Community Bank & Trust Introduces Refund Anticipation Loan for Self-Employed Tax Credit” was first published on Small Business Trends

Operation HOPE, a national nonprofit dedicated to entrepreneurship and financial literacy, has announced a partnership with SCORE, the largest network of volunteer business mentors in the U.S. The collaboration aims to expand mentorship and resources for small businesses and underrepresented entrepreneurs across the country.

SCORE, a volunteer organization with more than 10,000 mentors, has provided free business guidance for six decades. Through this partnership, SCORE will extend its mentorship services to small businesses participating in Operation HOPE’s 1 Million Black Business Initiative (1MBB) and clients recovering from natural disasters.

The 1MBB program, launched in 2020, has supported nearly 400,000 Black-owned businesses, offering mentorship, training, and access to capital. By integrating SCORE’s mentorship framework, the initiative aims to further its impact in fostering Black entrepreneurship.

“This partnership with SCORE reflects our constant evolution in ensuring we are making local, regional, and national connections to empower, support, and grow small businesses nationwide,” said John Hope Bryant, Founder, Chairman, and CEO of Operation HOPE. “By working with an organization like SCORE, which understands the commitment to service in reaching our goals through initiatives like 1MBB and disaster relief programs, we can provide necessary resources and drive economic success for entrepreneurs nationwide.”

Comprehensive Support for Small Businesses

The partnership will focus on several key areas:

• Mentorship and Business Guidance – SCORE volunteers will provide one-on-one coaching and business development support.
• Loan and Grant Assistance – Operation HOPE small business clients will receive guidance on preparing documentation for financial aid.
• Educational Programs – Both organizations will collaborate on workshops, training sessions, and business resources to enhance small business success.

By combining Operation HOPE’s network and programs with SCORE’s business development expertise, the collaboration seeks to create a stronger ecosystem for small businesses. The initiative underscores a shared commitment to economic empowerment, entrepreneurship, and sustainable business growth in communities nationwide.

This article, “Operation HOPE and SCORE Partner to Strengthen Small Business Support Nationwide” was first published on Small Business Trends

The Internal Revenue Service (IRS) has issued a reminder to farmers and fishers who opted out of making estimated tax payments in January that they must file their 2024 federal income tax return and pay any taxes due by March 3, 2025. The usual March 1 deadline has been extended to the next business day since it falls on a Saturday this year.

Avoiding Estimated Tax Penalties

Farmers and fishers who meet the two-thirds gross income requirement from farming or fishing during 2023 or 2024 are eligible for the March 3 deadline, provided they did not make an estimated tax payment by January 15, 2025. Those who did make a payment by January 15 can wait until the regular April 15, 2025, filing deadline without incurring estimated tax penalties.

The IRS recommends taxpayers use electronic payment options such as IRS Online Account and IRS Direct Pay, which are available exclusively on IRS.gov.

Disaster-Area Tax Extensions

Taxpayers affected by federally declared disasters automatically receive extended deadlines for filing and payments. No special paperwork or IRS contact is required to qualify.

Currently, taxpayers in Alabama, Florida, Georgia, North Carolina, and South Carolina, along with portions of Alaska, New Mexico, Tennessee, Virginia, and West Virginia, have until May 1, 2025, to file and pay their taxes.

For California wildfire victims, the deadline is extended further to October 15, 2025, while taxpayers throughout Kentucky have until November 3, 2025. No additional extensions beyond these dates are available.

Taxpayers needing more time beyond these extended deadlines can request an extension to October 15, 2025, but any taxes owed must still be paid by the original extended deadline to avoid penalties. Extension requests must be electronically filed by April 15, 2025. Between April 15 and May 1, requests must be submitted via paper filing. More details are available at IRS.gov/extensions.

Electronic Payment Options for Faster Processing

The IRS encourages taxpayers to use IRS Online Account for same-day payments, checking account balances, and reviewing payment history. Another option, IRS Direct Pay, allows taxpayers to make or schedule a tax payment directly from their bank account without needing to log in or register. Businesses can also use the Electronic Federal Tax Payment System (EFTPS) for secure payments.

For more information on payment methods, visit IRS.gov/payments.

Required Tax Forms for Farmers and Fishers

Farmers:

• Schedule F (Form 1040): Reports profit or loss from farming.
• Schedule SE (Form 1040): Calculates self-employment tax if net earnings exceed $400.
• Additional guidance: Publication 225, Farmer’s Tax Guide and Topic No. 554, Self-Employment Tax.

Fishers:

• Schedule C (Form 1040): Reports profit or loss from fishing businesses.
• Schedule SE (Form 1040): Calculates self-employment tax if net earnings exceed $400.
• Additional guidance: Publication 334, Tax Guide for Small Business.

Taxpayers operating as partnerships or corporations should refer to Publication 541 (Partnerships) or Publication 542 (Corporations) for specific filing guidelines.

For information on estimated taxes, refer to Publication 505, Tax Withholding and Estimated Tax, and Topic No. 416, Farming and Fishing Income.

Image: Envato

This article, “IRS Reminds Farmers and Fishers of March 3 Tax Deadline; Extensions Available for Disaster Areas” was first published on Small Business Trends

Microsoft has announced it will retire Skype in May 2025, shifting its focus to Microsoft Teams (free) as its primary communication platform. The move is aimed at streamlining Microsoft’s consumer communication offerings and consolidating users onto a single collaboration hub.

Transitioning to Microsoft Teams

Microsoft stated that Skype users will have the option to migrate to Teams for free, with their existing contacts and chats seamlessly transferring when they log in using their Skype credentials. During the transition period, Teams users will be able to call and chat with Skype users and vice versa, ensuring continued connectivity between both platforms.

“For years, Skype has been a trusted platform for communication, but as technology evolves, we’re committed to providing a more modern and integrated experience through Teams,” said Jeff Teper, President, Collaborative Apps and Platforms, Microsoft.

Teams offers many of the same core functionalities as Skype, including one-on-one and group calls, messaging, and file sharing, while also integrating advanced collaboration tools like meeting hosting, calendar management, and community-building features.

Options for Skype Users

Microsoft has outlined two primary choices for current Skype users before the platform’s retirement:

1. Move to Microsoft Teams for free – Over the coming days, Skype users will gain the ability to sign into Teams with their Skype credentials. Once logged in, all existing chats and contacts will be automatically available, making the transition seamless.
2. Export Skype data – Users who do not wish to migrate can export their chat history, contacts, and call records before the May 5, 2025 shutdown date.

Changes to Skype Paid Services

With Skype’s impending discontinuation, Microsoft will no longer offer paid Skype features to new customers. This includes Skype Credit and subscription-based international and domestic calling services. Existing paid users can continue utilizing these features until their current renewal period ends. After May 5, 2025, Skype’s Dial Pad will only be accessible via the Skype web portal and within Microsoft Teams.

Growing Adoption of Teams

Microsoft reported significant growth in Teams usage, citing a fourfold increase in meeting minutes among consumer users over the past two years. The platform has become an essential tool for work, school, and personal communication, aligning with Microsoft’s strategy to consolidate its communication services under one ecosystem.

Getting Started with Teams

To facilitate the transition, Microsoft has provided a step-by-step guide for Skype users moving to Teams. The process includes:

• Downloading Teams from Microsoft’s official website.
• Logging in with Skype credentials to automatically access chats and contacts.
• Exploring Teams’ expanded features for enhanced collaboration and communication.

Final Phase for Skype

Skype will remain functional until May 5, 2025, allowing users ample time to explore Teams and determine their preferred course of action. Microsoft encourages users to begin the transition early to ensure continued access to communication tools.

Image: Microsoft

This article, “Microsoft to Retire Skype in May” was first published on Small Business Trends