LACK OF DIVERSIFICATION MAKES FOR RISKY BUSINESS

Is your business adequately diversified? Relying on too few customers, vendors, or key employees can leave you open to risks that can be catastrophic. Here's what to consider.

SMART REVIEW TACTICS LEAD TO LONG-TERM BUSINESS SUCCESS

As a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are key areas to consider.

USE TAXES TO REDUCE YOUR TAX

Are you planning to itemize on your 2015 federal income tax return? If so, you can claim a deduction for taxes paid. According to IRS statistics, taxes are the most frequently claimed itemized deduction, as well as the largest. But what kind of taxes can you deduct on your personal return?

BE AWARE OF THESE FOUR IRA RULES

If you have an individual retirement account, you're aware of how complicated the rules can get. Here are four to remember as you prepare your 2015 federal income tax return.

GET CREDIT FOR RETIREMENT CONTRIBUTIONS

Did you make contributions to a traditional or Roth IRA, a myRA, or a SEP or SIMPLE plan in 2015? You may qualify for the Retirement Savings Contributions Credit, more popularly known as the "saver's" credit. If you're eligible, you can apply this federal income tax credit against the tax you owe on your 2015 return. The credit is available even if you take a tax deduction for a traditional IRA contribution, as well as for IRA contributions for last year that you make before the April due date of your return.

HIRING WORKERS CAN BRING TAX BREAKS

The Work Opportunity Tax Credit, known as WOTC, can reduce your federal income tax liability dollar-for-dollar when you hire certain workers. The credit is available for 2015 if you hired workers from "targeted" groups, such as ex-felons, food stamp recipients, and Supplemental Security Income recipients. Beginning in 2016, you can also claim the credit when you hire individuals who were unemployed for at least 27 consecutive weeks and who received unemployment compensation.

NEW TAX BENEFITS AVAILABLE WHEN CLAIMING THE RESEARCH AND DEVELOPMENT CREDIT

If you conduct qualified research activities, you may be eligible to claim a federal income tax credit known as the "research and development" credit. This credit is now permanent and may benefit you when you design, develop, and improve business products or processes. Beginning in 2016, the research and development credit can be applied against your alternative minimum tax liability. In some cases, the credit may also be applied against up to $250,000 of payroll taxes.