The biggest complaint about accountants is that they are more reactive than proactive, according to the 2015 Small Business Accounting Report. About 71% of small businesses outsource their tax work to accountants.  As such, small business owners need to understand basic tax principles and rules so that they can push their accountants to be more proactive.  In addition, business owners need to prepare their own financial records and statements.

[Related: 10 Easy Tax Moves You Should Make Now]

Accordingly, make sure you gather your receipts, invoices, canceled checks, online payments and automatic deductions. Don’t forget business records and any other papers that prove deductions. You can deduct ordinary (common in your trade) and necessary (appropriate for your trade) for expenses paid or incurred running your business.  These include:

Travel and Auto Expenses. The standard method is that you can deduct 54 cents per mile (down from 57.5 centers in 2015) for business travel plus


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Source: Black Enterprise » Small Business