🌸 Welcome to March! 🌸
It’s tax season, spring is on the way, and there’s no better time to give your finances a fresh look.
Whether you’re gearing up for St. Patrick’s Day or just hoping to keep more of your hard-earned cash, here are some quick and easy steps to set your business and money up for success this month!
Potential Steps for Content Creators this Month
Financial steps content creators might take in March include:
- File S-Corp & Partnership Tax Returns 🔥Priority!
- Decide if an S-Corp is right for you
- Make your investments tax-smart
- Make last-minute IRA & Solo 401(k) contributions
📝Important Deadlines:
- 📅 March 15: S-Corp and Partnership Tax Returns Due
- 🕒 March 15: Deadline to Elect S-Corp for 2025
- 💸 April 15: Last Chance for 2024 IRA and Solo 401(k) Contributions
1. File Your S-Corp’s Tax Return by March 15
🧠 Quick Tip: Avoid stress from late fees and keep your corporate return on track!
If you’re an S-Corp, don’t miss the March 15 deadline to file Form 1120S!
If you’re a Partnership, your Form 1065 is also due the same date.
This is how you report your business’s income and expenses to the IRS. Filing on time means avoiding late fees and keeping your personal tax return on track. You’ll need information from the business return to complete your personal return!
2. Should You Be an S-Corp?
💡 Mythbuster: You don’t need to be a huge business to benefit from an S-Corp. Even small creators can save big!
Not an S-Corp yet?
You need to elect to become one for 2025 by March 15.
This could help you save on taxes, especially if your business is growing. S-Corps let you split your income into salary and distributions, which can cut down on self-employment taxes.
If you’re unsure, let’s chat about whether this makes sense for your situation!
3. Make Your Investments Tax-Smart
📈 Did You Know? A tax-smart portfolio means more money in your pocket, which elevates progress towards your goals.
Take a moment to review your investment accounts.
If you’re like most of our clients at first though, you may not have investments yet. And that’s okay.
The goal is to keep your tax bill as low as possible while your money grows. This might mean putting tax-efficient assets (like certain stocks) in regular accounts and investments that create more taxes (like bonds) in tax-deferred accounts (like your Solo 401(k)).
4. Last-Minute IRA & Solo 401(k) Contributions
💸 Pro Tip: If you add money before April 15th, you can pay less in taxes and grow your savings at the same time!
You’ve still got time until March 15 to make the employer contribution to your Solo 401(k), and until April 15 to make IRA contributions.
Adding to your 401(k) and Traditional IRA might help you pay less in taxes this year, while Roth IRA contributions grow tax-free.
Let’s make sure you’re maximizing these opportunities!
🚀 Join Our Next Q&A Session!
Got questions about how to do these things or what they all mean?
Our next live Q&A session for content creators is on April 8th at 2pm EST!
It’s a casual, free space to get answers to your burning money questions. Hit the button below to save your spot!
🎯 Let’s Make March a Win!
March is all about getting ahead—both with your business goals and your money. If you need help, don’t hesitate to reach out or join our Q&A session to get some real answers!
