For most small business owners with a Dec. 31 year-end there are
only a few days left before you close the books on 2016.
Here’s hoping it was a very good year! Now, here are a few
tax-saving strategies to consider before you start preparing those
financial statements.
File a tax return – even for loss years
Many new businesses experience start-up losses in the first few
years. If you personally carry on a
business, you should file a return for every year, even in the loss
years. That’s because your business’s loss can be used
to reduce income from other sources in the current year, or it can
be carried back three years and forward 20 years. The loss will
reduce income from any source – e.g., the business itself or
from employment – even from investment income. But to claim
the loss, you must file a tax return for the year.
