In this article, you’ll learn what you can still do this month and how these strategies actually work.
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.
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.
If you want clarity instead of scrambling, now is the time.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com