Do This, Don’t Do That: Year-End Financial Moves to Set Yourself Up for Success

As December unfolds, it’s not just a time for holiday cheer—it’s also a critical moment to close out your business year strong and prepare for what’s ahead. Strategic year-end financial planning isn’t just about minimizing taxes; it’s about setting a clear foundation for the year to come.

Here are actionable steps to finish the year smart and position your business for a thriving 2025.

Do This: Meet with Your CPA Before the Year Ends

If you haven’t already, schedule a call with your CPA. While October is ideal for proactive planning, it’s not too late to review your financials and ensure you’re maximizing deductions before December 31.

Don’t Do This: Wait until tax season to evaluate your finances. By then, you’ve missed the window to make impactful decisions.

Do This: Strategically Optimize Your Tax Liability

Year-end spending can be a smart way to lower your taxable income—but only when done strategically. Here are some examples I’ve personally implemented in the past:

• Prepaying annual subscriptions to lock in savings and deductions for this year.
• Investing in coaching or secure event tickets for conferences that you know you will attend in 2025- many times I'll split my costs, partially across this year end and next.
• Purchasing needed equipment (or a qualifying vehicle) by year end to utilize the Section 179 deductions.
• Maximize your IRA Contributions, HSA Contributions - Also, if you have hit your deductible, be sure to take advantage of this window, filling scripts and getting in any medical appointments before the year closes and a new deductible period begins.

Don’t Do This: Write off every single expense just to reduce your taxes. While it may feel good in the moment, zero profits can hurt your ability to secure loans or qualify for disability insurance.

Do This: Start Building Your 2025 Cash Flow Plan

The end of the year is the perfect time to map out your financial goals and create a cash flow strategy for the year ahead. This gives you a proactive roadmap to manage growth, handle expenses, and reduce financial surprises.

Don’t Do This: Put off cash flow planning until January. Starting now allows you to hit the ground running in the new year.

Join Me for EnVision2025!

Speaking of planning for 2025, I’m thrilled to announce my 7th Annual Vision & Goal Setting Business Strategy Workshop, happening virtually on January 3, 2025, from 10 AM–4 PM.

This intimate, high-impact workshop will guide you through the VISION pillar from my book, The Path to Profits. Together, we’ll: ? Define clear goals for 2025. ? Create actionable strategies to achieve them. ? Set you up for your most profitable and purposeful year yet.

Seats are limited to ensure a personalized and focused experience, so don’t wait to reserve your spot!

Savvy Entrepreneurs Start Here

December is your time to make strategic moves that position you for a successful tax season and an even better year ahead. Through my Savvy Entrepreneur Financial Foundations Program, I help entrepreneurs like you:

• Build cash flow tools and budget forecasts for the new year.
• Gain financial clarity to reduce stress and boost profitability.

Let’s make 2025 your best year yet—starting now.

Final Thoughts

The steps you take today can set the stage for a smoother tax season and a more intentional, profitable future. Whether it’s maximizing deductions, creating a cash flow plan, or joining me for EnVision2025, NOW is the time to set yourself up for success.

Let’s start strong together!

Warmly,

Michelle Jacobik