SAN DIEGO, March 14, 2016 /PRNewswire/ -- With tax time upon us and the corporate filing deadline (March 15) looming, Dealstruck, Inc., a leading small business online lender, wanted to know how small business owners are preparing for tax time and what they intend to do with their refunds. In a survey of more than 500 business owners nationwide, results indicated that rather than taking a trip to Vegas, business owners are taking a more responsible route with their expected refunds this year.
Respondents to this tax-time survey 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.
Not surprisingly, 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.
"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," explained Candace Klein, Chief Strategy Officer at Dealstruck. "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.
Detailed survey results can be found here.
Dealstruck is an online direct lender and the first to offer multiple products -- including flexible term loans and multiple line of credit solutions -- to small- and medium-sized business (SMB) owners. With a mission to provide growing SMBs with access to capital that is unique, appropriate and affordable with honesty and transparency, Dealstruck is committed to placing SMBs on a credible path to bankability. For more information, please visit https://www.dealstruck.com/.
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SOURCE Dealstruck, Inc.