By March, many business owners assume tax planning is over. The year has closed, the numbers feel locked, and the focus shifts to writing a check to the IRS instead of shaping the outcome. That mindset leads to missed opportunities, not because options no longer exist, but because no one explains what still matters at this stage.
March is about understanding which levers are still available, which strategies affect the prior tax year, and which ones shape the current year. But the biggest mistake business owners make is treating tax planning as a single event instead of part of a coordinated legal, financial, and tax system.
In this article, you’ll learn what you can still do this month, how these strategies actually work, and why each one must be evaluated through a LIFT - Legal, Insurance, Financial & Tax® (“LIFT”) lens to avoid unintended consequences.
Reset Expectations Before You Take Action
Before looking at specific strategies, it’s important to be clear about what March planning really is. Some moves reduce last year’s tax bill directly. Others don’t change the prior year at all, but materially improve their position going forward. Both matter.
Problems arise when business owners lump these strategies together without understanding timing, eligibility, or compliance requirements. A deduction that saves taxes today can create audit exposure tomorrow. A strategy that works for one entity type may be disastrous for another.
March planning works best when decisions are intentional, documented, and coordinated - not rushed.
With that context, here’s what you can still do this month.
01 | Make Qualified Charitable Contributions the Right Way
Charitable giving remains a viable planning tool in March, but only if it’s structured properly. Cash contributions made now may still be deductible depending on entity type, accounting method, and documentation. For some business owners, donating appreciated assets or making qualified charitable distributions through retirement accounts may offer better results than simple cash gifts.
What often gets overlooked is how charitable contributions interact with income, owner compensation, and future planning. Giving for tax reasons alone, without confirming eligibility and substantiation, is how deductions get disallowed.
Charitable planning should support both your values and your financial structure, not undermine either.
02 | Set Up and Fund Retirement Accounts That Are Still Available
March is still a powerful month for retirement planning, if you know which plans remain open.
Certain retirement accounts can still be established and funded for the prior tax year, while others only allow funding if the plan already existed. SEP IRAs, for example, remain one of the most flexible tools available to business owners at this stage. Depending on your filing status, you may still be able to open and fund a SEP before the tax filing deadline.
Other plans, such as 401(k)s, may still allow employer contributions even if employee deferrals are off the table. The distinction matters because retirement contributions affect cash flow, compensation planning, and long-term exit strategies.
Choosing the wrong plan in March can limit future flexibility, so this decision should never be made in isolation. Need support? Reach out, schedule a call, and let’s talk about how we can support you ongoing, proactively to make great decisions all year long, not just reactively after the fact based on conflicts or problems we could have helped you avoid.
03 | Push Off Income When Timing Allows
In some cases, income deferral is still available in March, particularly for businesses using cash accounting. Delaying invoicing, postponing collections, or restructuring payment timing may legitimately push income into the next tax year.
However, income deferral must be handled carefully. Artificial delays, inconsistent practices, or undocumented changes can raise red flags. What works for a sole proprietor may not work for an S corporation or partnership.
The goal is consistency and defensibility, not creative accounting. Income timing should align with how your business operates and how agreements are structured.
04 | Accelerate Expenses That Support Real Business Needs
Accelerating expenses is one of the most commonly misunderstood strategies in tax planning. Buying things simply to “get a deduction” is rarely smart. But accelerating legitimate expenses - such as professional services, software, supplies, or prepaid costs - can be effective when aligned with real business activity.
March is often when business owners realize that upcoming expenses were inevitable anyway. Paying them sooner may create deductions now without changing long-term cash outflows.
The key is documentation and purpose. Expenses must be ordinary, necessary, and connected to business operations. Accelerating expenses should support growth, compliance, or efficiency - not clutter your books.
05 | Rent Your Home to Your Business
Renting your home to your business can be a legitimate strategy when structured properly. When used for qualifying business purposes - such as meetings or retreats - this approach may allow income shifting and deductions without triggering personal income tax.
However, this strategy is highly technical. The rental must be documented, fairly priced, and tied to real business use. Casual or unsupported arrangements are easily challenged.
This is one of those strategies that works beautifully when done right and backfires quickly when done casually. If your business used your home last year, let’s look at how to document it properly so you can write off the rent.
Why These Strategies Fail Without Coordination
Each of these strategies can be effective on its own. Problems arise when they’re implemented without regard to entity structure, legal agreements, insurance coverage, or long-term goals.
Tax planning that ignores legal structure creates disputes. Financial planning that ignores tax timing wastes money. Legal planning that ignores cash flow becomes impractical. A deduction that saves money today but limits flexibility tomorrow is not a win. This is why March planning must be evaluated through a LIFT framework, with an experienced attorney who’s also your trusted advisor.
Your Next Step: Use March Intentionally
If you’re a business owner who assumes March is “too late,” you may be missing opportunities that still exist - and creating problems that don’t need to.
As a LIFTed Business Advisor and attorney, I help business owners evaluate what can still be done this month while ensuring every move supports the full legal, financial, insurance, and tax picture. During a LIFT Business Breakthrough™ Session, we identify which strategies still apply, which ones don’t, and how to implement them without unintended consequences.
If you want clarity instead of scrambling, now is the time.
Schedule a 15-minute discovery call and make the rest of this year work smarter for your business.
This article is a service of a Personal Family Lawyer Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own, separate from this educational material.