Financial Spring Cleaning: Dust Off, Declutter, and Dominate Q2
The birds are chirping, the sun is out, and it's not just your closet that needs decluttering; it's your finances, too. April is the perfect time to sweep out the old, optimize what's working, and position yourself to bloom financially this quarter.
Think of it as a fresh financial start that clears space for smarter decisions and stronger cash flow. You can increase your cash flow and save time with just a few intentional moves.
.One way to increase your cash flow is to focus. Yes! What is one move you need to make to shift things in your business? One of our favorite books, You² by Price Pritchett, says that "thinking differently" is required to achieve the best results. One area where "thinking differently" can help is with money.
What do you think about your money? Is it something that helps you achieve freedom and your dreams? Or is it something you hold onto tightly, clinging for dear life? Thinking differently about money this spring can help you:
Buy Back Your Time
Look at the areas in your business where you don't need to spend your time. For example, how much time are you spending doing your own bookkeeping or handling admin work that an assistant could manage? One way to get ahead financially is by having accurate and updated books so you can make decisions and plan with more confidence.
Revisit Your Tax Strategy
If tax season felt "extra" this year, let's fix that. A proactive strategy now results in a less stressful tax season and some serious cash back in your pocket. One of the fastest ways to increase your cash flow and save time is to reduce the taxes you're paying. From deductions to additional tax credits, these benefits require advance planning to fully take advantage of each year.
Revisit Your Cash Flow Projections
Run a 10-minute audit of your recurring expenses. Think of software subscriptions to cancel what you're not using and downgrade what you don't fully need. Hidden savings are everywhere.
Do your projections include estimated taxes for 2025? If you're still catching up on 2024 tax payments and haven't started making your 2025 estimated payments, consider setting up a payment plan with the IRS. This reduces stress and helps you start managing your cash flow now.
Polish Your Pricing & Profit Margins
Spring is all about growth. Are your prices aligned with the real value you bring? Now's the time to refresh those revenue streams.
Invest in Yourself
Too often, business owners put off getting valuable feedback from advisors who are here to support their growth. Use the resources you have and speak with advisors. They can either help you directly or connect you with someone who can.
Upcoming Deadlines
April 15, 2025 - Individual and C-corporation filing deadlines & extension deadline
April 15, 2025 - Self Employment tax credit deadline to claim
April 15, 2025 - Q1 2025 estimated tax payment due
For business returns, we usually deliver these with personal tax returns, so in most cases, the business may be extended to provide time to finish all the personal filings. Your tax payment or refund will be shown on your personal return.
Last Month In Review
BOI Filing Update
This is no longer required by US-owned businesses. All businesses with foreign ownership will need to file.
How to File?
Submit reports through FinCEN’s secure e-filing system: boiefiling.fincen.gov Failure to file could result in penalties, so don’t delay.
Here is a quick video we prepared to help you complete these filings