Business Taxes 101: 4 Year-End Money Moves

Business taxes 101 starts before April. If you run a business, the last few months of the year are an opportunity to organize your finances, estimate your tax bill, and make thoughtful decisions with the money you’ve earned.

I’m Charly Stoever, a money coach and former stockbroker. I’ve run my coaching business since 2020, and these are the four year-end business money moves I personally use to prepare for tax season and keep building wealth.

1. Schedule a year-end tax planning meeting before December 31

Last year, I met with my accountant, Sainte (book through my referral link), in October. Why? She’s much less busy than during the first quarter and April tax rush, and I wanted a general sense of how much I might owe before the year ended.

That meeting helped me plan my cash reserves rather than wait for a surprise tax bill. I could also ask about expenses and potential deductions while there was still time to make informed decisions. Depending on your situation, your tax professional may also recommend quarterly planning or estimated tax payments.

2. Keep your business bookkeeping organized with QuickBooks

I connect my business checking accounts and credit cards to QuickBooks, which imports transactions automatically. Then I spend about 20 minutes each month reviewing and categorizing expenses. Sometimes software gets it wrong: an Uber ride to a conference might be categorized as a client meal instead of transportation.

By correcting those transactions regularly and keeping my personal and business expenses separate, I can generate a profit and loss statement for my accountant. That means I’m paying her for expert guidance, not to sort through a year’s worth of receipts.

Doing my own bookkeeping works for me; other business owners may benefit from hiring a professional. Either way, knowing your revenue, expenses, and actual profit is essential for making decisions.

3. Review eligible business tax deductions and credit card rewards

One reason I value my accountant is that I can ask which expenses may qualify as legitimate business deductions. There are expenses I didn’t realize might be deductible, but I never assume something counts just because someone online says so.

Last year I needed a new phone that cost more than $1,000. I used a Best Buy card offer to earn approximately $200 in cash back on a purchase I already planned to make. I could then ask my accountant how the business-use portion should be treated for tax purposes.

A write-off does not make a purchase free. A $1,000 deduction does not automatically save $1,000 in taxes. And the right tax treatment depends on your circumstances. My question for any necessary business purchase is: What else can this dollar do for me?

4. Set aside money for business taxes and retirement

After my October meeting, I reserved cash for my anticipated tax bill. I also made a plan for the next year: I prioritize funding my Roth IRA as early as possible in January, then put additional retirement savings toward my Solo Roth 401(k) when I can.

I haven’t maxed out the much larger possible Solo 401(k) contribution limit, and that’s fine. Consistently putting away a few thousand dollars can still be part of building long-term wealth. Eligibility and contribution limits depend on the year and individual circumstances.

Important: Roth IRA and Roth 401(k) contributions generally do not reduce your current federal taxable income. I make them as part of my retirement plan, not as current-year tax deductions.

Leaving a 9-to-5 job doesn’t mean leaving retirement planning behind. As business owners, we can build our own systems for financial freedom.

Your year-end business tax checklist

• Book a conversation with your accountant before the year ends.
• Review and categorize business transactions, and check your profit and loss statement.
• Ask your tax professional about eligible deductions rather than guessing.
• Set aside cash for tax obligations and review your retirement savings plan.

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Frequently asked questions about year-end business taxes

When should small business owners meet with an accountant about taxes?

I like to schedule a tax-planning meeting in October, before the December 31 year-end rush. That gives me time to estimate what I might owe, review my numbers, and plan ahead. The best timing and any estimated tax payment deadlines depend on your business, so ask your accountant.

How do I prepare my business finances for tax season?

I connect my business bank accounts and credit cards to QuickBooks, review and categorize transactions, and prepare a profit and loss statement. Keeping those records organized makes conversations with my accountant more useful.

Can I do my own small business bookkeeping?

Yes, depending on your business’s complexity and your comfort level. I do my own routine bookkeeping in QuickBooks, but I still work with an accountant for tax questions. Other business owners may prefer professional bookkeeping support.

What business expenses can I write off before December 31?

Potential deductions depend on whether an expense qualifies under the applicable tax rules and on your specific business circumstances. I review purchases with my accountant rather than assuming every business-related expense is deductible. Buying something just for a deduction doesn’t make it free.

Do Roth IRA or Solo Roth 401(k) contributions lower my business taxes?

Roth contributions generally don’t reduce your current federal taxable income. I prioritize my Roth IRA and contribute extra to my Solo Roth 401(k) as part of my long-term wealth-building strategy, not as a current-year tax write-off. Ask a tax professional about retirement account eligibility, limits, and the tax treatment of your contributions.

How much money should I set aside for business taxes?

There’s no single percentage that works for every business owner. I use my bookkeeping records and an October conversation with my accountant to estimate what I might owe and reserve cash accordingly. Your tax professional can help you assess your situation.

Listen to Unicorn Millionaire Podcast Episode 157

Listen to Business Taxes 101: 4 Year-End Money Moves on the Unicorn Millionaire podcast.

About Charly Stoever

I’m Charly Stoever (they/he), a nonbinary Latinx money coach, former stockbroker, MBA grad, and host of Unicorn Millionaire. I built a $280K net worth without ever making more than $45K a year and have traveled solo to 39 countries as a single-income earner.

I help LGBTQ+, BIPOC, first-gen, and neurospicy folks optimize their cash, credit, and investments so they can become the rich gay auntie or uncle of their dreams. My business has let me work from multiple countries and take two months off a year while maxing out my Roth IRA. I want your dinero to fund that kind of freedom, too.

Disclaimer: I’m a money coach, not an accountant or CPA. This article shares my personal experience for educational purposes, not individualized tax advice. Consult a qualified tax professional about your business.