Your Money-Saving Field Guide

Every year, small business owners hand over thousands of dollars to the IRS that they could legally keep in their pockets. Not because they have to—but because they don't know the moves that smart business owners make.

This isn't another boring compliance guide. This is your field guide to keeping more of what you earn, written for business owners who hate wasting cash on the government unnecessarily.

At Haven, we've helped hundreds of small businesses implement these exact strategies. Our clients typically save $8,000-$15,000 annually using these moves. Some save much more.

Here's what you'll get:

• 10 proven strategies ranked by money-saving potential

• Clear ROI labels so you know which moves to prioritize

• Step-by-step "how to do it" instructions for each strategy

• Deadlines and timing for maximum impact

• Owner's cheat sheet to share with your bookkeeper/accountant

• Bonus: "3 Costly Tax Mistakes You're Probably Making"

The Promise: By the time you finish this playbook, you'll know exactly which moves to make before your next tax deadline to keep thousands more in your business account.

Table of Contents

FAST WIN FIRST

• Move #1: The Retirement Plan Power Play (Potential Savings: $5,000-$25,000+)

HIGH ROI MOVES

• Move #2: The Equipment Purchase Sprint (Potential Savings: $3,000-$15,000)

• Move #3: The Business Structure Switch (Potential Savings: $2,000-$10,000)

• Move #4: The Employee Benefit Tax Shield (Potential Savings: $1,500-$8,000)

MEDIUM ROI MOVES

• Move #5: The Accountable Plan Advantage (Potential Savings: $1,000-$5,000)

• Move #6: The Deduction Detective Work (Potential Savings: $800-$4,000)

• Move #7: The Year-End Income Shuffle (Potential Savings: $500-$3,000)

STEADY WINS

• Move #8: The Health Insurance Hack (Potential Savings: $500-$2,500)

• Move #9: The Professional Partnership (Potential Savings: $300-$2,000)

• Move #10: The Record-Keeping System (Potential Savings: $200-$1,500)

BONUS SECTIONS

• Owner's Cheat Sheet

• 3 Costly Tax Mistakes You're Probably Making

• Your Next Steps

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FAST WIN FIRST

Move #1: The Retirement Plan Power Play

Potential Savings: $5,000-$25,000+ annually
ROI: HIGHEST
Time to Implement: 2-4 weeks

What to Do: Set up a Solo 401(k) or SEP-IRA and max out your contributions before year-end.

Why It Saves Money: This is the single biggest tax move most small business owners miss. For every dollar you contribute, you save 22-37 cents in taxes (depending on your bracket). A $50,000 contribution could save you $11,000-$18,500 in taxes.

How to Do It Before Your Next Tax Deadline:

For Solo 401(k) (no employees):

• Contribute up to $23,000 as an employee (2025 limit)

• Add up to 25% of your net self-employment income as employer contribution

• Total limit: $69,000 ($76,500 if you're 50+)

• Deadline: December 31st for employee contributions, tax filing deadline for employer contributions

For SEP-IRA (with employees):

• Contribute up to 25% of compensation or $69,000, whichever is less

• Must contribute equally for all eligible employees

• Deadline: Tax filing deadline (including extensions)

Action Steps:

1. Calculate your maximum contribution using IRS worksheets

2. Open account with Fidelity, Vanguard, or similar provider

3. Make contributions before deadlines

4. Keep contribution receipts for tax filing

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HIGH ROI MOVES

Move #2: The Equipment Purchase Sprint

Potential Savings: $3,000-$15,000
ROI: HIGH
Time to Implement: 1-2 weeks

What to Do: Buy business equipment before December 31st and use Section 179 expensing to deduct the full cost immediately.

Why It Saves Money: Instead of depreciating equipment over 5-7 years, you can deduct up to $1,220,000 in equipment purchases in the year you buy it. Plus, bonus depreciation lets you deduct 80% of most equipment costs immediately.

How to Do It Before Your Next Tax Deadline:

Qualifying Equipment:

• Computers, software, office furniture

• Vehicles over 6,000 lbs (full deduction)

• Machinery, tools, equipment

• Must be used more than 50% for business

Action Steps:

1. List equipment you need for 2025 and 2026

2. Purchase and place in service before December 31st

3. Keep all receipts and proof of business use

4. Make Section 179 election on your tax return

Smart Timing:

• Order by mid-December to ensure delivery

• "Placed in service" means ready and available for use

• Used equipment qualifies if it's new to your business

Move #3: The Business Structure Switch

Potential Savings: $2,000-$10,000
ROI: HIGH
Time to Implement: 4-8 weeks

What to Do: Evaluate if switching to S-Corporation status could save you self-employment taxes.

Why It Saves Money: S-Corp owners pay themselves a reasonable salary (subject to payroll taxes) but can take additional profits as distributions (no self-employment tax). This can save 15.3% on a significant portion of your income.

How to Do It Before Your Next Tax Deadline:

The Math:

• Self-employment tax: 15.3% on all profit

• S-Corp: 15.3% only on salary portion

• Savings: 15.3% × (profit - reasonable salary)

Requirements:

• Must pay yourself a reasonable salary

• File Form 2553 by March 15th for current year election

• Additional payroll and tax filing requirements

Action Steps:

1. Calculate potential savings with current income

2. Research reasonable salary for your role/industry

3. Consult with tax professional for structure analysis

4. File election by deadline if beneficial

Move #4: The Employee Benefit Tax Shield

Potential Savings: $1,500-$8,000
ROI: HIGH
Time to Implement: 2-6 weeks

What to Do: Set up tax-deductible employee benefits that also benefit you as the owner.

Why It Saves Money: Business pays for benefits with pre-tax dollars, employees receive tax-free benefits, and you reduce both income and payroll taxes.

How to Do It Before Your Next Tax Deadline:

High-Impact Benefits:

• Health insurance premiums (100% deductible)

• Health Savings Account contributions

• Dependent care assistance ($5,000 per employee)

• Section 125 cafeteria plans

For Self-Employed:

• Deduct health insurance premiums above-the-line

• Reduces both income tax and self-employment tax

Action Steps:

1. Research group health plans or HRA options

2. Set up Section 125 plan for pre-tax deductions

3. Implement dependent care assistance program

4. Document all benefit payments and elections

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MEDIUM ROI MOVES

Move #5: The Accountable Plan Advantage

Potential Savings: $1,000-$5,000
ROI: MEDIUM
Time to Implement: 1 week

What to Do: Set up an accountable plan to reimburse employees (including yourself) for business expenses tax-free.

Why It Saves Money: Business gets tax deductions, employees receive tax-free reimbursements, and no payroll taxes on reimbursements.

How to Do It Before Your Next Tax Deadline:

Reimbursable Expenses:

• Home office rent and utilities

• Business mileage and travel

• Professional development and training

• Business meals and entertainment

• Equipment and supplies

Requirements:

• Business connection

• Adequate substantiation (receipts, business purpose)

• Return excess reimbursements within reasonable time

Action Steps:

1. Create written accountable plan policy

2. Set up reimbursement procedures

3. Train employees on documentation requirements

4. Track and reimburse qualifying expenses monthly

Move #6: The Deduction Detective Work

Potential Savings: $800-$4,000
ROI: MEDIUM
Time to Implement: 2-3 hours

What to Do: Conduct a thorough review of your expenses to find overlooked deductions.

Why It Saves Money: Most businesses miss 15-25% of available deductions simply because they don't know what qualifies or forget to track certain expenses.

How to Do It Before Your Next Tax Deadline:

Commonly Missed Deductions:

• Startup costs (up to $5,000 first year)

• Bank fees and credit card processing fees

• Professional licenses and memberships

• Business insurance premiums

• Internet and phone bills (business portion)

• Software subscriptions and apps

• Professional development and training

• Business publications and research

Action Steps:

1. Review 12 months of bank and credit card statements

2. Categorize every business expense

3. Calculate business percentage of mixed-use items

4. Gather missing receipts and documentation

5. Update your bookkeeping system

Move #7: The Year-End Income Shuffle

Potential Savings: $500-$3,000
ROI: MEDIUM
Time to Implement: 1-2 weeks

What to Do: Time your income and expenses to optimize your tax bracket and cash flow.

Why It Saves Money: Strategic timing can keep you in lower tax brackets, maximize deductions in high-income years, or defer income to lower-tax years.

How to Do It Before Your Next Tax Deadline:

Income Deferral Strategies:

• Delay December invoicing until January

• Defer year-end bonuses to employees

• Postpone asset sales to next year

• Time retirement plan distributions

Expense Acceleration:

• Prepay January expenses in December

• Pay outstanding invoices before year-end

• Accelerate equipment purchases

• Prepay insurance and rent

Action Steps:

1. Project current year income and tax bracket

2. Estimate next year's income and rates

3. Identify income that can be deferred

4. List expenses that can be accelerated

5. Execute timing strategy by December 31st

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STEADY WINS

Move #8: The Health Insurance Hack

Potential Savings: $500-$2,500
ROI: MEDIUM
Time to Implement: 2-4 weeks

What to Do: Optimize your health insurance strategy for maximum tax benefits.

Why It Saves Money: Self-employed health insurance premiums are deductible above-the-line, reducing both income tax and self-employment tax.

How to Do It Before Your Next Tax Deadline:

For Self-Employed:

• Deduct premiums for yourself, spouse, and dependents

• Includes medical, dental, and long-term care insurance

• Cannot exceed net self-employment income

For Employers:

• Group health plan premiums are 100% deductible

• Consider Health Reimbursement Arrangements (HRAs)

• Set up Health Savings Accounts with high-deductible plans

Action Steps:

1. Review current health insurance costs

2. Compare group vs. individual plans

3. Consider HSA-eligible high-deductible plans

4. Set up HRA if group plan isn't feasible

5. Track all premium payments

Move #9: The Professional Partnership

Potential Savings: $300-$2,000
ROI: MEDIUM
Time to Implement: 1-2 weeks

What to Do: Engage qualified tax professionals to identify opportunities you're missing.

Why It Saves Money: Professional fees are tax-deductible, and experienced tax pros typically find savings that exceed their fees by 3-5x.

How to Do It Before Your Next Tax Deadline:

Services to Consider:

• Quarterly tax planning sessions

• Year-end tax strategy review

• Business structure optimization analysis

• Retirement plan setup and management

• Audit protection and representation

Action Steps:

1. Interview 2-3 qualified tax professionals

2. Ask about proactive planning services

3. Request references from similar businesses

4. Establish ongoing relationship, not just tax prep

5. Schedule quarterly check-ins

Move #10: The Record-Keeping System

Potential Savings: $200-$1,500
ROI: MEDIUM
Time to Implement: 1-2 days

What to Do: Implement a systematic approach to tracking and documenting all business expenses.

Why It Saves Money: Good records ensure you don't miss deductions and provide audit protection. Poor records often mean lost deductions and potential penalties.

How to Do It Before Your Next Tax Deadline:

Essential Systems:

• Cloud-based accounting software

• Receipt capture app (Expensify, Receipt Bank)

• Mileage tracking app

• Separate business bank accounts and credit cards

• Document storage system

Action Steps:

1. Choose and set up accounting software

2. Connect bank accounts for automatic import

3. Install receipt capture app on phone

4. Set up mileage tracking

5. Create monthly reconciliation routine

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Owner's Cheat Sheet

Print this page and give it to your bookkeeper/accountant:

Before December 31st:

• Maximize retirement plan contributions

• Purchase needed equipment (Section 179)

• Accelerate deductible expenses

• Defer income if beneficial

• Write off bad debts

• Review and categorize all expenses

Before Tax Filing Deadline:

• Finalize retirement contributions

• Gather all receipts and documentation

• Calculate home office deduction

• Review business structure optimization

• File any necessary elections (S-Corp, etc.)

Ongoing Throughout Year:

• Track mileage for all business trips

• Save receipts for all business expenses

• Separate business and personal expenses

• Make quarterly estimated tax payments

• Review tax strategy quarterly

Red Flags to Avoid:

• Mixing personal and business expenses

• Missing documentation for deductions

• Forgetting to track mileage

• Not making estimated payments

• Waiting until year-end for planning

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3 Costly Tax Mistakes You're Probably Making

Mistake #1: The "I'll Deal With It Later" Trap

What it costs you: $2,000-$8,000 annually

Most business owners wait until tax season to think about taxes. By then, it's too late for most strategies.

The fix: Schedule quarterly tax planning sessions. Set calendar reminders for December 15th to review year-end moves.

Mistake #2: The "Good Enough" Recordkeeping System

What it costs you: $1,000-$5,000 annually

Shoebox receipts and mixed personal/business expenses mean missed deductions and audit risk.

The fix: Implement digital systems now. Use separate business accounts and receipt-capture apps. Reconcile monthly, not yearly.

Mistake #3: The "DIY Everything" Approach

What it costs you: $1,500-$10,000 annually

Trying to handle complex tax planning without professional help often costs more than professional fees.

The fix: Invest in qualified tax professionals for planning, not just preparation. The savings typically exceed fees by 3-5x.

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Your Next Steps

Immediate Actions (This Week):

1. Calculate your maximum retirement plan contribution

2. List equipment you need before year-end

3. Review your business structure with a professional

4. Set up basic recordkeeping systems

Before December 31st:

1. Make retirement plan contributions

2. Purchase qualifying equipment

3. Implement accountable plan

4. Execute year-end income/expense timing

Ongoing:

1. Schedule quarterly tax planning sessions

2. Maintain systematic records

3. Stay informed about tax law changes

4. Review and optimize annually

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Ready to Stop Tipping the IRS?

The strategies in this playbook have helped hundreds of small businesses keep more of what they earn. But reading about them and implementing them are two different things.

Want to make sure you're maximizing every opportunity?

Haven offers a complimentary "Tax Savings Strategy Call" where we'll review your specific situation and identify the biggest opportunities for your business.

In your free strategy call, we'll:

• Analyze your current tax situation

• Identify missed opportunities from this playbook

• Calculate your potential savings

• Create a prioritized action plan

• Show you exactly how to implement each strategy

Book your free Tax Savings Strategy Call:

👉 Contact Haven Today

Don't let another tax season pass by leaving money on the table. Your business worked hard for that money—make sure you get to keep it.

This playbook is for informational purposes only and does not constitute tax advice. Tax laws are complex and change frequently. Always consult with qualified tax professionals before implementing any tax strategies.

About Haven: Haven provides comprehensive accounting services for small businesses, specializing in proactive tax planning that keeps more money in our clients' pockets. Our team of experienced professionals has helped hundreds of businesses implement these exact strategies. Learn more at usehaven.com.