What does a financial advisor for small business owners do?

A financial advisor for small business owners can help connect business decisions with the owner’s personal financial plan. Depending on the engagement, that may include cash flow planning, tax planning coordination, retirement planning, investing outside the business, risk management, and preparing financially for a future business sale or transition.

How is a business owner financial planner different from a traditional financial advisor?

A business owner financial planner looks beyond an investment portfolio and considers how the business affects the owner’s overall financial life. Business income, owner compensation, taxes, reinvestment decisions, retirement benefits, business value, and personal investments may all need to work together rather than being planned separately.

When should a business owner consider hiring a financial advisor?

A business owner may consider hiring an advisor when financial decisions become more complex or begin overlapping. Common examples include increasing profits, unpredictable cash flow, significant tax liabilities, hiring employees, choosing a retirement plan, building wealth outside the company, buying out a partner, or preparing for an eventual exit.

How can business owners build wealth outside of their business?

Business owners can potentially build wealth outside their companies through cash reserves, retirement accounts, taxable investment accounts, real estate, and other investments. The appropriate strategy depends on the owner’s goals, cash flow needs, risk tolerance, and the potential return from continuing to reinvest money back into the business.

What should I look for when choosing a financial advisor for my business?

Look for an advisor who understands both business and personal financial planning and can clearly explain how they are compensated. Consider asking whether they are a fiduciary, how often they work with business owners, whether they coordinate with CPAs and attorneys, and whether their services include areas such as tax planning, business cash flow, retirement planning, investing, and exit planning.

Financial Planning for Business Owners: A Year-Round Checklist

Kendall Maccagnan

Oct 22

4 min read

By Kendall Maccagnan, CPA, CFP® and Financial Advisor in Tampa, Florida

Financial planning for business owners works best as a year round rhythm, not a once a year event. Close out the year in January, file taxes in the spring, refresh your plan in May, check your progress mid-year, and make tax-saving moves and set new goals before December 31. The checklist below walks through each season.

Most business owners only think about their finances when a deadline forces them to. That's how April tax surprises, missed deductions, and cash crunches can happen. Following the calendar can put the right decisions in front of you at the right time.

Key Takeaways

Tax deadlines drive much of a business owner's financial calendar, so plan around them.
Many tax-planning opportunities require action before December 31, rather than waiting until tax-filing season.
Florida businesses may have additional state deadlines, including the May 1 Sunbiz annual report deadline for many entities.
A monthly review of your books and cash keeps small problems from becoming big ones.

Key Dates at a Glance

Here are the major deadlines for most calendar-year businesses in Florida:

Date	What's due
January 15	Fourth-quarter estimated tax payment for the prior year
January 31	W-2s and 1099-NECs; fourth-quarter payroll reports, including Florida reemployment tax
March 15	Calendar-year S corporation and partnership tax returns (or extensions); generally the deadline for an existing calendar year business to make a timely S corporation election effective for the current year.
April 1	File Florida's tangible personal property tax return by April 1 if required.
April 15	Individual and C corporation tax returns (or extensions); first-quarter estimated taxes; prior-year IRA and HSA contributions
May 1	Florida annual report on Sunbiz to avoid the $400 late fee
June 15	Second-quarter estimated taxes
September 15	Third-quarter estimated taxes; extended S corporation and partnership returns
October 15	Extended individual tax returns
December 31	Deadline for many year-end tax planning strategies and transactions

Dates can shift when they fall on a weekend or holiday. Check the IRS Tax Calendar for Businesses each year.

January: Close Out the Year

Review how last year actually finished compared to your goals.
Make your fourth-quarter estimated tax payment by January 15.
Send W-2s and 1099-NECs by January 31.
Gather documents for your tax return, and make sure your books are reconciled through December.

February to April: Tax Season

File your business return, or extend it if you need more time. Extensions give you more time to file, not to pay.
If you want S corp status this year, the election is generally due by March 15.
File Florida's tangible personal property return by April 1 if your business owns equipment.
Make any prior-year IRA or HSA contributions by April 15.
Pay your first-quarter estimated taxes by April 15.

May to June: Refresh Your Plan

Review your filed tax return. It can help you understand last year's income, deductions, tax liability, and potential planning opportunities for the current year.
File your Florida annual report by May 1. The state charges a $400 late fee after that date.
Set your estimated tax payments for the rest of the year.
Review your retirement savings, investments, and insurance.
Before hurricane season starts June 1, confirm your business insurance, emergency fund, and backup plan for your records.

July to September: Mid-Year Check

Project your taxes based on your actual results so far.
Compare your cash flow and profitability to your goals. If your business is profitable but short on cash, find out why now.
If you're an S corp, confirm your salary still reflects the work you do.
Pay your third-quarter estimated taxes by September 15.

October to December: Year-End Planning and Next Year's Goals

Look for tax-saving opportunities while there's still time to act, like timing equipment purchases or charitable gifts.
Review retirement plan contributions and year-end payroll. Contribution and election deadlines vary by plan and contribution type, so confirm what needs to be completed before year-end.
Set your pay plan for next year.
Set 12-month goals and the key numbers you'll track.

Every Month

Reconcile your bank and credit card accounts.
Review your profit and loss statement, balance sheet, and cash position.
Move money into a separate account for taxes.
Track the key numbers that drive your business.

Staying on Track All Year

A checklist only works if someone follows it. That's the idea behind our ongoing advisory: we meet on this same calendar, so taxes, cash flow, and your personal plan get attention at the right time. You can see how it works on our Plans & Pricing page.

If you're a business owner in Tampa Bay or elsewhere in Florida, explore our financial planning services for business owners or book a consultation.

Frequently Asked Questions

When should business owners do tax planning?

Tax planning should happen throughout the year, with an important review before December 31. Many strategies require action during the tax year, while others, including certain retirement and IRA contributions, may have later deadlines.

What are the quarterly estimated tax due dates?

For most taxpayers, estimated payments are due April 15, June 15, September 15, and January 15 of the following year. Dates can shift when they fall on a weekend or holiday.

When is the Florida annual report due?

Florida corporations and LLCs must file their annual report on Sunbiz between January 1 and May 1. A $400 late fee applies to reports filed after May 1.

How often should a business owner review their financial plan?

Review your books and cash monthly and your full plan at least a few times a year, especially after you file taxes, at mid-year, and before year-end.

This content is provided for educational and informational purposes only and should not be construed as investment, tax, or legal advice. It is not intended as a solicitation or offer to provide advisory services in any jurisdiction where Off the Bay Wealth, LLC is not properly registered or otherwise permitted to operate. Information presented is based on sources believed to be reliable; however, accuracy and completeness are not guaranteed. This material is not intended to be a comprehensive analysis of all topics discussed. IRS provisions are subject to ongoing guidance and regulatory updates. Any financial decisions should be made in consideration of your individual circumstances, including your goals, risk tolerance, and time horizon. Investing involves risk, including the potential loss of principal.