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May 2025: Key Financial Tips for Small Business Owners in Rochester, NY
As spring turns to summer, many small business owners in Rochester, NY, and Greece, NY, begin to shift focus from tax season into the rest of the year. May is the perfect time to reflect, assess, and prepare your business finances for a successful second half of 2025.
Whether you’re a new entrepreneur or a seasoned business owner, keeping your financial house in order is critical. At Nacca & Capizzi, we work closely with local businesses to help them stay organized, compliant, and positioned for growth.
Here are several key financial tips every small business owner should prioritize this May.
1. Review and Refresh Your Financial Statements
With tax season behind you, now is a good time to take a fresh look at your financial statements. This includes your:
- Balance sheet
- Income statement (P&L)
- Cash flow statement
Review these documents for accuracy and to better understand your financial health. Pay attention to cash reserves, profit margins, and expenses.
Not confident in your bookkeeping and reporting? Our Bookkeeping Services ensure your books are accurate, up-to-date, and ready for smarter decision making.
Contact us to get started.
2. Evaluate and Adjust Estimated Tax Payments
Now that your tax return is filed, it's time to plan for this year's taxes. Business owners who make quarterly estimated tax payments need to revisit calculations based on updated income and expenses.
Underpaying can result in penalties, while overpaying means giving the government unnecessary interest-free loans.
Our Tax Services team can help you calculate the proper estimated payments for your business to avoid surprises later.
Schedule a review today.
3. Update and Reassess Your Business Budget
Many small businesses create budgets at the beginning of the year but fail to revisit them regularly. May is an ideal time to:
- Compare actual spending to your budget
- Identify areas where you may be overspending
- Look for opportunities to reinvest savings into business growth
Regular budget updates help you stay in control of your cash flow and ensure your resources are allocated efficiently.
For help building or refining your budget, ask about our Business Consulting Services.
Reach out here.
4. Consider Your Retirement and Tax-Advantaged Savings Options
For many small business owners, May marks the start of mid-year tax planning. This is a smart time to explore:
- Solo 401(k)s
- SEP IRAs
- SIMPLE IRAs
Contributing to retirement plans not only prepares you for the future but may also reduce your taxable income for 2025.
Our team can advise you on tax-saving strategies through our Tax Strategies for Business Owners services.
Request a planning session today.
5. Review Payroll and Employee Benefits
Employee-related expenses are often a business’s largest cost. May is a great time to:
- Review payroll records for accuracy
- Make sure payroll taxes are up-to-date
- Assess employee benefits and retirement plans
Staying compliant and competitive with your compensation packages is essential to retaining top talent and staying within budget.
Our Business Services team can assist with payroll review, tax compliance, and benefits planning.
Contact us to discuss your needs.
Stay Ahead With Nacca & Capizzi
Running a small business requires constant attention to your finances. By taking time in May to review, plan, and make strategic decisions, you can avoid surprises and make the rest of 2025 your best year yet.
Nacca & Capizzi proudly supports small business owners across Rochester, NY and Greece, NY with accounting, tax, bookkeeping, and advisory services. Whether you need help fine-tuning your finances or building a growth-focused tax strategy, we’re here to help.
Call us today at (585) 225-9290 or schedule a consultation to get started on your financial checklist.
Disclaimer: This article is intended for general information purposes only and should not be considered financial advice. Always consult with a CPA for guidance specific to your business.
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