As April 15^th approaches,  it is time to prepare your personal and business 2015 taxes. For small business owners the lines can often blur between what is business related and personal. Review the below tax tips before preparing your filing this year.

Technology Purchases

Staying competitive in your industry is a must as a small business. Did you make any technology purchases in 2015? Equipment, computers, printers, company vehicles, or even a new point of sale system can be big tax deductions. Make sure to do your research and determine what items you can deduct the full cost on the year it was purchased and what items you need to split between several years.

Claim Your Health Credit

The healthcare tax credit is offered for all small businesses on a sliding scale. Businesses that employ less than 10 full-time-equivalent employees with the average wages under $25k per person will have the largest benefit. Another perk is if your business doesn’t end up owing taxes this year, you may be able to carry the credit forward.

Saving Your Receipts

Just like you do with your personal taxes, one of the best ways to save at tax time each year is to keep every business receipt. Gather all the receipts you can find scattered on your desk, crumpled in your wallet or purse, and shoved in the glovebox of your car. Each transaction can really add up to some heavy deductions. Keep a log of everyone you pay in cash as well. You may not have a receipt for these transactions, but they are often deductible purchases as well. This tip may be a bit too late for some of you for this year, but it’s not only tax time it’s the beginning of a new year so start now for 2016.

Travel Costs

Traveling for work can be a dream for some and a nuisance for others, but regardless many travel trips are necessary for your business’s growth and success making these trips tax deductible. You can write off expenses like airfare, hotel, car rental and mileage, and food up to 50% (since you’d have to eat whether you were traveling or not). Also,  keep a detailed record on how you use your personal or business-owned vehicle for business versus personal purposes. Keep track of mileage, locations, and reason for travel. Many of your local trips can also be a deduction.

Charitable Contributions     

On average, charities report that 41% of their annual giving contributions are received in the last few weeks of the year. These contributions are fresh in your mind and easy to write off as deductions, but make sure you aren’t forgetting about any donations you made throughout the year. Don’t forget about monetary donations as well as donations of property / inventory.

Taxes don’t have to be daunting as a small business owner. Get organized, do your research, and carve out some time to do you taxes accurately so you don’t leave any money on the table. If you have any doubt or concern always consult your accountant or tax attorney.