Small business owners get three extra days to file their tax returns this year. Instead of the traditional April 15, the 2016 due date was pushed to April 18, a delay caused by the federal government’s celebration of Emancipation Day, which will close all federal offices, including the IRS.
Despite the change of tax-return day, it still is a good idea to get a head start on prepping for this fateful day. Here are a few tips to consider:
- Get your paperwork in order. Collect all receipts, statements, donation letters, and last year’s tax return and put them in a safe place.
- Make a list of the tax documents you expect to receive, such as W-2s, 1099s, 1099Rs, 1098-Ts, etc. Check them off the list as you receive them.
- Contact your tax preparer as soon as you have most or all of your documents in hand.
- Hire a tax accountant who has experience in your type of business, whether it’s retail, wholesale, professional, manufacturing, etc.
- Deduct educational expenses that maintain or improve skills required in your present employment, including seminars, classes and convention fees.
- Don’t wait until the last minute!