When you run your own company, tax time can be frustrating. Getting documents in order takes hours out of your already busy schedule, and giving your hard-earned cash to Uncle Sam is never fun.
Not surprisingly, 60 percent of small-business owners say administrative burdens, like paperwork and confusing rules, are the worst part of filing — even more so than the financial cost of taxes, according to a recent survey by the National Small Business Association. Almost half of small-business owners file under extension, the survey found.
If you plan to file on time, the good news is, there are still lots of last-minute steps you can take before April 18 to reduce the taxes you and your business owe — possibly by thousands of dollars. And many require simply scrounging up some old receipts or bank statements.
"It's worth blocking out a little extra time to review your check register or credit card statements before you file," said Indianapolis-based accountant John Wheeler. "You might qualify for deductions, thanks to expenses you totally forgot about."
Here are some of the best entrepreneur tax moves you can make at the eleventh hour.