How to save big without blowing up your business plan.
We’re in the final stretch of the year—can you believe it’s already October? This is when I see a lot of business owners hit the panic button about taxes. And I get it: you’re busy, and tax planning might not be the most exciting thing on your to-do list.
But here’s the good news: it’s not too late to make a real difference. A few smart moves before year-end can save you thousands come tax time.
Let’s walk through five things you can do right now that will make a big impact without making your life harder.
1. Stop Guessing—Run a Tax Projection
If you haven’t already, run a tax projection. Like today.
Guessing what you owe isn’t a strategy. A real projection gives you numbers you can plan around—not panic over.
Hop into QuickBooks, look at where you’re at so far this year, and project where you’ll land by December. If you’re not sure how to do that or need help interpreting the numbers, this is where a strategic advisor (hi, that’s me) can make all the difference.
2. Review Your S Corp Salary
Let’s take a minute to talk about your salary. Specifically—have you looked at what you’ve paid yourself so far?
Are you including your health insurance reimbursement in your W-2?
Is your salary reasonable in the eyes of the IRS?
Are you accidentally overpaying yourself and shelling out more in taxes than you need to?
Too low, and the IRS could reclassify your distributions as salary (with penalties and back payroll taxes). Too high, and you’re overpaying in Social Security and Medicare taxes.
Let’s hit that sweet spot where the IRS is happy—and so is your bank account.
3. Reinvest in Growth (Not Just Tax Write-Offs)
This is where a lot of business owners go sideways.
They start thinking, “I need to spend money to save on taxes”—and that’s how you end up with a brand-new espresso machine in the office you never use.
But the smartest businesses reinvest with intention. If you’re going to spend money at year-end, ask yourself:
- Will this move the business forward in Q1?
- Will this improve efficiency, profitability, or capacity?
- Will this help us hit our 2025 goals faster?
Think things like upgrading systems you’ve outgrown, investing in a fractional hire to support your leadership team, or improving team retention through meaningful compensation strategy.
A good investment does more than reduce your tax bill—it increases your ROI.
4. Timing Matters: Play With Income and Expenses
Let’s say you’ve got a big launch coming… Do you have to do it in December?
If deferring it to January helps keep this year’s tax bill lower—and you don’t need the income this year—it might make sense to wait.
Or maybe you’re sitting on cash and want to shift expenses into this year. That might look like:
- Paying vendors early
- Prepaying team bonuses
- Locking in a contract for 2025 now
Again, this all depends on where your income is trending. That’s why the projection comes first.
5. Don’t Skip Retirement Contributions
For high earners especially, this is a big one. If you haven’t maxed out your Solo 401(k) or contributed to a SEP yet, now’s the time to plan for it.
Waiting until the last second limits your options. These are big deductions, and if you’re already paying a lot in taxes, this is a smart way to keep more of your money.
Final Thoughts
You don’t need to blow up your budget or spend money on things you don’t need just to save on taxes.
But you do need a plan—and the sooner you run your numbers, the more options you have.
Let’s wrap up this year strong. We’ll look at where you are, where you’re going, and what moves will give you the biggest bang for your buck.
Ready to stop winging it and start saving with intention?
Let’s talk.