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.
- Keep your business and personal accounts separate
- Follow expenses and taxes as you go
- Claim your home office deduction — the right way.
- Track miles driven in your car
- 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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