Ah tax season – That time of year when we’re required to get our ducks in a row whether we’re ready or not. And as a small business owner, there are extra pieces of your tax filing puzzle you need to watch out for to make sure you’re not only following the law but also getting the most tax savings for your business.

While thoughtful financial planning doesn’t sound as fun as a fancy night out or a night in with Netflix, making smart planning decisions with your assets is one of the best gifts you can give – and a gift that keeps giving over time.

This week, we explore seven tax planning tips that not only secure your financial future but also spread love and prosperity to those you cherish most.

In the whirlwind of launching your dream business, it's easy to get caught up in the excitement and innovation that fuel your days. Amidst this buzz, it's tempting to look for shortcuts, especially when it comes to the less thrilling aspects of entrepreneurship, like setup of your legal entity, board resolutions, legal agreements, and compliance matters across the board.

As parents, we're hardwired to prioritize our children's well-being above all else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Yet, amidst the hustle and bustle of daily life, it's easy to overlook a crucial aspect of their future: what happens to them if we're no longer here to care for them?

You've put blood, sweat, and possibly a few tears into building your business from the ground up. You've got the vision and the drive. But have you thought about what happens to your business once you decide to hang up your entrepreneurial hat?

And even more importantly – have you thought about what happens to your loved ones if you’re forced to leave your business unexpectedly because you die or become ill?

Like most entrepreneurs, your business and your family are your greatest loves. Show them just how much you care for them by making sure there’s a plan in place for their care, and the management of your business, when you’re no longer at the helm.

Navigating your financial journey with the heavy burden of student loan debt on your back can feel overwhelming. You're faced with a critical decision: should you prioritize paying down those loans, or should you focus on the future, contributing to your workplace retirement plan? It's a tough call, especially when choosing loan payments means missing out on the opportunity to grow your savings through employer retirement matches.

Love is undoubtedly the most profound and cherished thread that weaves us all together, and there are many different ways to express our love to the people who mean the most to us. Often when we think of showing our love, we think of bouquets of flowers, surprise gifts, and meaningful notes. But an often overlooked – and incredibly meaningful – way of showing your love is to put that love into a plan for the future.

Paying your kids to help out in your family business, whether they're in middle school, high school, or college, has some great perks. It can teach them about hard work, help them learn how to manage money and kickstart their savings for the future. Plus, it keeps more money in the family and out of the hands of Uncle Sam. In return, you get employees who are committed, work well in a team, and are loyal. This might even set the stage for a long-term succession plan for your family business.

If you’ve given any thought about estate planning, you probably associate it with preparing for death. But there are critical reasons for and significant benefits to planning while you’re still alive and well. Planning for your assets and your death is something that should start right now through honest, open conversations with your family.

Your clients are the heartbeat of your business, and establishing a deep sense of trust with them is the cornerstone of growth and success. In a world where skepticism and misinformation prevail, nurturing authenticity and reliability in your brand is essential to building and keeping your client base.