Running a business in Tampa isn’t just about bringing in revenue—it’s also about keeping more of what you earn. Smart tax planning can make a serious difference in your bottom line.
Whether you’re just starting out or have been operating for years, having the right strategies in place can help you stay compliant, lower your tax liability, and avoid last-minute stress.
At Hacker, Johnson & Smith PA, we work with small business owners across Tampa who want more than basic tax prep. They want guidance. Strategy. Peace of mind. If that’s you, here are five practical tax planning moves to start making now.
1. Time Your Income and Expenses Wisely
It’s not just what you earn—it’s when you earn it.
Shifting income and expenses between tax years is a classic strategy. For example, if your business had a strong year, you might delay sending certain invoices until January. On the flip side, if you expect a higher income next year, it might make sense to collect now and push deductible expenses into the next year.
The key is knowing when to pivot—and that’s where working with a Tampa CPA firm like ours can help you make smart, legally sound moves without raising red flags with the IRS.
2. Maximize Deductions and Credits
There’s a difference between filing your taxes and planning them.
Many Tampa business owners miss out on legitimate tax savings simply because they don’t know what to look for. From Section 179 deductions on equipment to energy credits and research-based incentives, there’s a lot you can legally write off.
We help business owners uncover these hidden savings every day. Check out our business tax services overview to see how we identify tax credits most CPAs overlook.
3. Choose the Right Business Entity
Your business structure affects how much tax you pay—period.
For instance, S Corporations can reduce self-employment tax, while LLCs offer flexibility. If your current setup no longer supports your growth or goals, it might be time to switch.
Our team walks you through the pros and cons of each entity and helps with transitions. If you’re unsure whether your structure still makes sense, start with our article on when to hire a CPA for your business.
4. Keep Your Financial Records Clean (and Current)
Let’s be honest: bad bookkeeping can destroy even the best tax strategy.
We see it all the time—deductions missed, audits triggered, opportunities lost. Keeping organized records makes tax prep easier, helps you stay compliant, and gives you real-time insight into your business health.
Need help cleaning up your books? Our CPA insights on boosting small business profitability includes practical advice on setting up better systems.
5. Plan Year-Round—Not Just in April
The best tax savings happen before the deadline crunch.
Tax planning isn’t a one-and-done task. It’s something we do with clients quarterly so they’re never caught off guard by a surprise bill—or worse, a letter from the IRS. If you’re only meeting your accountant once a year, you’re already behind.
Read our post on strategic tax planning and risk mitigation to see how proactive planning changes everything.
Why Work with a Tampa CPA?
Local knowledge matters. Florida’s tax laws are different from other states, and having a CPA who understands those nuances can make a measurable impact. Hacker, Johnson & Smith PA has helped Tampa business owners avoid common traps, identify savings, and build financially sound operations for decades.
Start by reviewing what to expect from a Tampa audit or explore audit assurance services in Tampa if compliance is top of mind for your business.
Smart financial decisions start with the right conversation. Let’s figure out what works best for your business.
FAQs
What’s the difference between tax planning and tax preparation?
Tax preparation is about filing your taxes accurately. Tax planning is about strategically reducing how much you owe through proactive decisions made throughout the year.
When should I hire a CPA for my Tampa business?
If your business is growing, you’re facing IRS letters, or you’re not sure if you’re taking advantage of all deductions, it’s time. Learn more in our guide on when to hire a CPA.
Can the wrong business entity cost me more in taxes?
Absolutely. The wrong structure could lead to double taxation or missed savings. Our team regularly helps clients restructure their entities for better outcomes.
Is audit protection included in tax planning services?
At Hacker, Johnson & Smith PA, we provide year-round support and audit readiness. If you’re concerned about compliance, read our audit readiness checklist.
What if I already have an accountant but want a second opinion?
That’s smart. Many of our clients come to us for a second set of eyes. See the top signs it might be time to change CPA firms.
Let’s Build a Smarter Tax Strategy Together
Whether you’re just getting started or looking to clean up past mistakes, we’re here to help you make informed financial decisions. Reach out to Hacker, Johnson & Smith PA today and let’s create a tax plan that actually works for your business.