Two things that are both true: it’s tax season; and effective tax management is crucial for small business owners. Being a group made up largely of said demographic—and of side-hustlers, contractors, and those managing personal assets—today’s presenter, Angie Finch of Angie L. Finch, C.P.A., shared some invaluable tips to help ethically maximize deductions and minimize tax obligations, especially in business.

While we’re already in the thick of 2024 returns, her focus on proactive planning year-round offers a roadmap for entrepreneurs looking to optimize their financial health for the long term.

Key Takeaways for Tax Savings

The first item Angie mentioned was something that we all purchase—healthcare. She emphasized the importance of utilizing Health Savings Accounts (HSAs) for healthcare expenses, and also of taking advantage of home office deductions, and setting up Simple SEP IRAs to enhance retirement savings. Basically, make sure the things you would normally spend largely on are tracked well, and when possible—tuned for business.

She also recommended meticulous tracking of other casual business expenses—from internet and cellphone costs to travel and education—to fully leverage tax deductions.

For structural efficiency, Angie suggested considering an S-Corp designation once businesses reach a certain level, which can offer further significant tax benefits too.

Lastly, she stressed the importance of planning ahead for the upcoming year’s taxes, including making quarterly payments to prevent tax debt interest from being accrued.

Connect with Angie for tailored tax advice aligned with your own business goals, and make sure to attend our next Border to Border Business Connections meeting April 2 (we’re off next week for Spring Break!) for even more professional networking and insights.