It's that time of year! Maybe you are already gathering documents and determining what you owe – and, more importantly, what you can deduct.  Maybe you are more of a last minute person. Either way, here is some help for  preparing your 2014 tax returns, including five tax changes to anticipate in 2015:

Many small business owners pay too little attention to their financial statements. Unfortunately, these owners don’t understand just what the statements have to offer. Small business owners should become familiar with three basic financial statements – Balance Sheet, Income Statement, and Cash Flow Statement.

Is it necessary for nonprofit organizations to examine their policies every year? Changes that impact the organization, both internal and external, recommend an annual policy review.  Here are three types of changes that nonprofit boards should monitor.

Do you know who you have designated as beneficiaries on your insurance policies and retirement accounts? It’s not uncommon to forget, especially when the decisions were made years ago. It’s proably time to review and, if necessary, update those designations.

Are considering the sale of your principal residence? You probably know that you will be able to exclude up to $250,000 of gain ($500,000 for most joint filers).  IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home.

There are few limitations to the bankruptcy protection from creditors traditionally afforded to retirement funds. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, Keoghs, profit sharing, money purchase, and defined benefit plans. However, the U.S. Supreme Court recently ruled that an inherited IRA is not a "retirement fund" and therefore doesn't qualify for bankruptcy protection.

If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event that you are audited, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.