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5 smart tax moves if you run your own business [CNBC]

Alas, the deadline to file 2015 taxes is fast approaching. But for savvy business owners, the prep work for next year’s taxes is just beginning.

“There’s always some missed opportunity on deductions for small business owners,” said John Wheeler, a CPA and senior financial consultant at Castle Wealth Advisors in Indianapolis.

From tracking the miles you drive to wrangling receipts, here are five key moves business owners should make to take the sting out of tax time next year.

  1. Keep your business and personal accounts separate
  2. Follow expenses and taxes as you go
  3. Claim your home office deduction — the right way.
  4. Track miles driven in your car
  5. If you have an open position, consider hiring a family member

Curated from 5 smart tax moves if you run your own business [CNBC]

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Gresham Harkless Jr.

Gresham Harkless is a Media Consultant for Blue 16 Media and the Blogger-in-Chief for CEO Blog Nation. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

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