Tax Day Triumph: 5 Last-Minute Tips to Save Before the Deadline

Here are 5 tips for entrepreneurs and business owners for last minute tax savings.

TAXES

Staff Writer

4/3/20241 min read

a sign that says pay your tax now here
a sign that says pay your tax now here

As a small business owner or entrepreneur, you wear many hats. Between keeping your company running smoothly and chasing that next big opportunity, it's easy for tax season to sneak up on you. But fear not! Even if the deadline looms large, there are still ways to squeeze out some last-minute tax savings.

Acctually is here to help you achieve Tax Day Triumph! Here are 5 tips to consider:

1. Review Those Expenses: Haven't categorized all your business expenses yet? Don't panic. Office supplies, travel costs, subscriptions – everything used for your business is potentially deductible. Take some time to sort through receipts and bank statements, making sure you haven't missed anything.

2. Don't Forget the Home Office: Running your business from your home can offer tax advantages. If you have a dedicated workspace, you may be eligible for a home office deduction. Be sure to understand the IRS guidelines to maximize this benefit.

3. Maximize Retirement Contributions: Contributing to a retirement plan like a SEP IRA or Solo 401(k) can significantly reduce your taxable income. Even if you can't max it out, every dollar you contribute lowers your tax bill.

4. Check for State and Local Deductions: Tax breaks aren't just federal! Many states and localities offer unique deductions for small businesses. Do some research to see what benefits might be available in your area.

5. File for an Extension (But Have a Plan): If you absolutely can't meet the deadline, filing for an extension gives you an extra six months to file your tax return. However, this extension only applies to filing, not paying. Be sure to estimate your tax liability and make a good faith payment by the deadline to avoid penalties.

Remember, these are just a few last-minute tips. Tax laws can be complex, and every situation is unique.

Don't let tax season turn into a tax disaster! At Acctually, our experienced team of accountants can help you navigate the intricacies of tax filing, ensuring you take advantage of all the deductions and credits you deserve.

Contact us today for a free consultation! We'll help you achieve Tax Day Triumph and get you back to focusing on what matters most – running your business.