The new year has begun, and it’s time to tackle one of the most critical aspects of your business: taxes. While April’s filing deadline might seem far off, starting early can reduce stress and prepare you for financial opportunities like grants and loans.

We’re thrilled to share Cook County and the Southland Development Authority’s collaboration on a blog post led by our very own Marisela! The blog provides valuable tax tips tailored to small business owners, ensuring you’re equipped to navigate the 2025 tax season confidently.

1. Always File Your Taxes

Your most recent tax returns are crucial for loans, credit lines, and grant applications. For instance, in the 2023 Source Grant program, hundreds of applicants were disqualified because they didn’t have current tax returns. Don’t let that be you—file on time!

2. Seek Professional Help

Tax laws can be tricky. A professional can save you time, optimize deductions, and help navigate complex scenarios like audits or multi-jurisdiction operations. The investment in expert guidance often pays off in the long run.

3. Stay Organized

Efficient recordkeeping is a game-changer. Use tools like QuickBooks, separate business and personal expenses, and regularly update your records. A well-organized system minimizes errors and reduces stress during tax time.

4. Maximize Deductions

Explore deductions specific to your business or industry. Tax software and professionals can ensure you don’t miss out on opportunities to save.

The Source and SDA are here to help you access free, personalized business advice and connect with local tax professionals. Don’t wait—act now to position your business for success in 2025!

👉 Read the full blog post to get expert guidance and start your tax prep today!