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Breathe a sigh of relief—another tax season is behind you. But when you’re running a business, the post-tax season isn’t the end of your financial planning for the year; it’s an opportunity to lay the groundwork for a smoother, more strategic year ahead. The information gathered during tax season is gold for making smarter decisions that will not only keep you compliant but also help you operate more efficiently over the next year.
To help you make the most of this post-tax season period, here’s a guide to the 7 steps you can take now to set your business up for success in 2025 and beyond.
1. Review and Analyze Your Tax Return
Your tax return is packed with useful information about your business’s financial health. Use this time to break it down and spot trends. Did your tax payments meet expectations, or did you face an unexpected bill? Were there areas that stood out, such as unusually high expenses? This is the time to ask yourself these questions and look for areas where you can improve.
If you noticed fluctuations in income or expenses you didn’t anticipate, start asking why. Maybe you need to adjust where you’re spending or reforecast your sales. The sooner you identify opportunities for improvement, the better equipped you’ll be for the months ahead.
2. Set Up a Payment Schedule for Estimated Taxes
If you’re a business owner or a 1099 worker, you’re likely familiar with the joys of estimated tax payments. While it can feel painful to part with your hard-earned income throughout the year, it’s much better than facing a big, unexpected bill next April.
Work with your accountant to evaluate last year’s tax liability and determine what you should be sending to the IRS each quarter. Many business owners must base their estimates on profit projections and prior-year taxes, so having a solid understanding of your cash flow is essential.
Setting up a payment schedule now—and automating it if possible—ensures you avoid missed deadlines and financial surprises.
3. Book a Mid-Year Check-In with Your Accountant
Checking in with your accountant mid-year is one of the smartest moves you can make. Tax planning shouldn’t be confined to March or April. By touching base in the summer or early fall, you can review where your business stands compared to your earlier estimates and make any needed adjustments.
Maybe your income has increased (congrats!) and you need to bump up your estimated payments. Or perhaps a slow quarter means you can scale back. Either way, a quick discussion with your CPA can help you avoid surprises and make smarter financial decisions.
This mid-year check-in is also a great time to address any changes in your business. Did you hire employees? Change your business structure? Make a significant purchase? These milestones can impact your tax strategy, so it’s important to keep your accountant in the loop.
4. Realign Your Business Goals
The numbers don’t lie—your financial performance can shed light on whether your current strategies are working. This is a good moment to check in with your goals for the year.
Are you preparing to scale your business? Looking to save for a large capital investment? Trying to reduce costs and maximize deductions? Your goals will influence how you approach budgeting, spending, and tax planning for the next year. Sharing your goals with your CPA or financial consultant can help you map out an updated plan to reach them.
5. Evaluate Your Bookkeeping System
If gathering all your financial records felt like a scavenger hunt this tax season, it might be time to rethink your bookkeeping system. Well-kept financial records reduce headaches, help you stay organized, and ensure nothing falls through the cracks.
SME CPAs can make this easier. As QuickBooks Certified ProAdvisors, we help clients set up and optimize QuickBooks to suit their unique needs. From training and support to ensuring your system is working efficiently, we’re here to make managing your finances simpler and more effective. Accurate, streamlined bookkeeping not only saves you time but also sets the stage for smoother tax seasons in the future.
6. Leverage Professional CFO Services
Running a business means wearing many hats, but when it comes to your finances, it’s okay to hand off one of those hats to someone else. Partnering with a fractional CFO—or even scheduling a consulting session with one—allows you to take a deeper look at your business’s financial performance and build strategies for growth.
At SME CPAs, we offer customizable CFO services to meet businesses where they are. Whether you need help managing cash flow, projecting budgets, or even planning an exit strategy, our team is here to support your success.
7. Get Organized
Finally, set up a system to keep your tax-related documents in one place. This could be a digital folder with scanned receipts, a cloud-based system for invoices, or an app that tracks your mileage and other deductions in real-time. Being organized now will save you endless frustration when next year’s tax season rolls around.
Plan for Tomorrow, Today with SME CPAs
Tax season may be behind us, but this is a prime opportunity to build a better financial plan for your business. Putting in just a little effort now can lead to major savings and less stress down the road. Whether it’s setting up a payment plan, rethinking your goals, or tapping into professional services, the key is taking action.
At SME CPAs, we’re committed to helping business owners like you make sense of it all. From tax prep to year-round planning and CFO services, we’ve got your back. Schedule a consultation with us today and take the first step toward smarter financial decisions.
Reach out to SME CPAs today—it’s never too early to plan for a brighter financial future.