With the start of 2016, many business owners are looking at the opportunities and challenges that lie ahead. But this may also be the right time to take a look back, especially when it comes to your income tax return.

Most CPAs will tell you to start your business and personal tax planning as early as possible. This month is a good time to begin thinking about 2016 and beyond. But even though calendar 2015 is already a closed book, business owners may still be able to squeeze in a few last-minute moves to lessen their income-tax bite.

Read full article.