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Tax Strategies To Maximize Your Finances This Fall

As fall approaches and we move into Q4, it’s the perfect time for business owners to take stock of their financial situation. Whether you’re planning for the upcoming tax season or looking to maximize your financial strategy, the fall offers an opportunity to make smart decisions that could lead to significant savings before year-end.

Here are a few key strategies to consider as you wrap up your fiscal year and set your business up for success:

1. Plan for Retirement Contributions

Fall is an ideal time to review your retirement contributions. If you’re a business owner, look into contributing to tax-advantaged retirement plans like a Solo 401(k). These plans allow you to lower your taxable income while investing in your future. Since Solo 401(k)s offer both employee and employer contribution options, it’s one of the most effective ways to maximize your retirement savings. (P.S. if you set one up with Carry, you can take advantage of the $1500 EACA tax credit!)

2. Back-to-School Tax Deductions

If you have children, the back-to-school season presents an opportunity for tax planning. Consider funding a 529 Plan for your child’s education. Contributions to a 529 Plan grow tax-free, and in some states, contributions may be tax-deductible. This is a great long-term strategy to help with future education costs while benefiting from immediate tax savings.

3. Review Your Business Expenses

Take a moment this fall to audit your business expenses. If there are costs that qualify for deductions—like home office expenses, equipment purchases, or professional development—now is the time to ensure they are properly documented. Investing in business-related assets before the year ends could lower your tax liability through deductions or depreciation benefits.

4. Maximize Tax Deductions for Charitable Contributions

Fall is often a time for giving, and as a business owner, this can be beneficial for both your community and your tax bill. Donating to charitable organizations before December 31st can offer you a tax deduction. This is a great way to give back while improving your financial position through tax savings.

5. Tax-Loss Harvesting

If your business has investments, now is the time to evaluate your portfolio. Tax-loss harvesting involves selling underperforming assets to offset gains elsewhere in your portfolio. This can lower your capital gains taxes, helping you minimize your taxable income by the end of the year.

6. Review Health Savings Account (HSA) Contributions

If you have a high-deductible health plan (HDHP), don’t forget to max out contributions to your Health Savings Account (HSA). Contributions to an HSA are tax-deductible, and both the growth and withdrawals are tax-free when used for qualified medical expenses. HSAs are one of the most tax-efficient savings vehicles available, especially for self-employed individuals.

Final Thoughts:

The fall season is a critical time for business owners to review their financials and make decisions that can lead to meaningful tax savings. With a little planning, you can enter the final stretch of the year feeling confident about your financial strategy.

What’s Happening at Carry?

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See the full list of events here. ⏰

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If you want more resourceson building wealth as a solopreneur/entrepreneur, check these out:

• The Solo 401k handbook

• The Roth IRA handbook

• The Self-Directed IRA handbook

• The Guide to Paying Less in Taxes

• What is a Solo 401k?

• How to Open a Solo 401k