4 things every small business owner should know about taxes

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    NEW YORK - Blood pressures are rising at many small businesses now that tax season is underway.

    Although many owners hire accountants and attorneys to complete their income tax returns, taxes are a hassle. In a survey released last year by the advocacy group National Small Business Association, nearly 60 percent of the owners surveyed said the administrative burdens were the biggest problems posed by federal taxes. And 85 percent of the more than 675 owners said they relied on a professional to prepare their returns.

    Owners can make the process easier by being organized and watching out for tax pitfalls, accountants say.

    Here are four tax issues small business owners should be thinking about now and year-round.