Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the latest financial news and discussing how it affects entrepreneurs like you. Plus, we'll share some awesome wealth creation insights from successful entrepreneurs.

Let’s dive in! 🏊‍♂️

First time reader? Subscribe here.

As the April 15, 2025, federal income tax filing deadline approaches, it's essential to prepare thoroughly to ensure a smooth and accurate filing process. Here are some key steps to consider:

1. Organize Your Tax Documents

Gather all necessary paperwork before you begin filing to avoid mistakes and maximize deductions. Essential documents include:

• Forms W-2 and 1099-NEC for income earned

• Records of charitable contributions

• Previous tax returns

• Mortgage interest and property tax statements

• Documentation of childcare expenses or medical costs

• Social Security numbers for yourself, your spouse, and dependents

If you've changed your address or name in the past year, inform the IRS and the Social Security Administration to prevent processing delays.

2. Maximize Contributions to Tax-Advantaged Accounts

You have until April 15, 2025, to contribute to certain accounts for the 2024 tax year, potentially reducing your taxable income. Consider:

• Individual Retirement Accounts (IRAs): Contribute up to $7,000, plus an additional $1,000 if you're 50 or older.

• Health Savings Accounts (HSAs): Contribute up to $4,150 for single coverage or $8,300 for family coverage, with an extra $1,000 if you're 55 or older.

While the 2024 contribution window for employer-sponsored 401k plans has closed, plan for 2025, where you can contribute up to $23,500, with catch-up contributions available for those 50 and older.

3. Be Vigilant Against Tax Scams

Tax season often sees a rise in fraudulent activities. Protect yourself by:

• Being cautious of unsolicited communications; the IRS doesn't initiate contact via phone, email, or social media.

• Filing your taxes early to reduce the risk of someone else filing a fraudulent return using your information.

• Using secure, encrypted websites for filing and creating strong, unique passwords for your accounts.

4. Consider Professional Assistance

Tax laws can be complex. Consulting with a tax professional can help you navigate deductions, credits, and ensure compliance, potentially saving you time and money.

By taking these steps, you can approach Tax Day with confidence and set a solid foundation for your financial future.

What’s Happening at Carry Lab?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

Still can’t get enough? Well, we’ve got you covered!

Think your friends might like it? Be sure to share it with them! 📩

If you want more resources on 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