What Successful Entrepreneurs Are Budgeting For in April
by Amy Greene
Spring is in the air – literally!
My car has been coated in a thick, yellow film now for two weeks. We pray for rain to help wash it away, and watch with wonder as rivers of yellow flow down our driveway and into the street. Springtime in Georgia is rather epic.
As we step into April, it’s the perfect time to get ahead of the expenses and financial opportunities (and obligations) this month brings. A little intentional planning now can prevent financial stress later, so you’re not watching your money flow out of your bank accounts like the pollen on my driveway!
April Expenses to Budget For:
- Tax filing fees (if you haven’t filed yet)
- Tax payments if you owe and Q1 for business(due April 15th)
- Spring wardrobe updates
- Spring break/Easter travel and activities
- Summer camps and vacations
- Gardening supplies and lawn care startup
- Spring home maintenance (HVAC servicing, gutter cleaning)
- Business software, subscription, and license renewals
- Personal development and conference fees for business, if applicable
Last-Minute Tax Strategies
With April 15th just around the corner, I’m here with a few last-minute moves you can make to help lower your tax bill:
- Max out your 2024 IRA contributions – You have until April 15th to contribute up to $7,000 ($8,000 if over 50) to your Traditional or Roth IRA for 2024.
- SEP IRA and Solo 401(k) options for entrepreneurs – If you’re self-employed, you might still be able to make 2024 contributions to these accounts. SEP IRAs can be set up and funded until your tax filing deadline.
- Filing an extension doesn’t extend your payment deadline – Remember, if you need more time to file, you can request an extension until October 15th—but any taxes owed are still due April 15th to avoid penalties.
SAIL to Wealth Tip of the Month: TAXES
From the “Implement Your Plan” phase of my SAIL to Wealth Method:
Create a dedicated “Tax Strategy Account” and automate transfers of 15-25% of your revenue (exact percentage depends on your situation). This one simple system eliminates tax stress and prevents that quarterly scramble. Not sure how to set this up, or what percentage is ideal for you? This is exactly what we cover in our Financial Navigation Calls.
Ready to transform your approach to taxes and seasonal expenses? Book a Financial Navigation Call to discover how the SAIL Method can create financial clarity and consistency in every season.
Happy Tax Season!
