Expert Tax Strategies to Build Wealth in 2025
Nicole Gillyard, widely known as “The Profit-ista,” is on a mission to help entrepreneurs maximize their wealth through smart tax strategies. As a Certified Public Accountant (CPA) with over 30 years of experience, she has built a reputation for making complex financial topics easy to understand.
“The biggest mistake entrepreneurs make during tax season is poor record-keeping,” says Gillyard. She emphasizes that tracking income and expenses properly can prevent financial pitfalls. She advises business owners to set up automated accounting systems that pull transactions directly from their bank accounts, allowing for easy financial reporting.
Another key tip is understanding the right business structure. “Many entrepreneurs operate as LLCs when an S-corporation might save them thousands in self-employment taxes,” she explains. Gillyard encourages business owners to consult tax professionals to determine the best structure for their financial goals.
New Tax Law Updates Entrepreneurs Must Know
Tax laws change frequently, and 2025 brings several updates that business owners must pay attention to. Gillyard warns that shifts in the political landscape could impact tax credits, deductions, and compliance requirements.
“Every administration brings new policies, and it’s crucial for businesses to stay ahead,” she advises. She recommends consulting with financial professionals regularly to ensure compliance and take advantage of tax-saving opportunities.
One hot topic is the Beneficial Ownership Information (BOI) report. Initially, the law required businesses established before December 31, 2022, to file by the end of 2025. However, legal challenges have put this requirement on hold for many small businesses.
“As of now, BOI filing is voluntary, but that may change soon. If you have nothing to hide, I suggest getting ahead of the curve and filing early,” Gillyard states. Business owners can submit their reports for free at FinCEN.gov, avoiding unnecessary third-party filing fees.
Smart Financial Moves to Stay Ahead
Gillyard emphasizes that tax strategies should be part of a broader wealth-building plan. She shares three key financial moves entrepreneurs should make in 2025:
- Reinvest in Your Business – Use profits to upgrade assets, invest in staff, and improve operations.
- Prepare for Market Changes – Stay informed on industry trends and adapt accordingly.
- Build Financial Reserves – Having an emergency fund allows businesses to navigate economic uncertainty.
For individuals, she suggests setting clear financial goals, improving financial literacy, and sticking to a disciplined budget. “Small, consistent financial habits lead to long-term wealth,” she advises.
The Impact of Tariffs on Black Entrepreneurs
A key concern for Black business owners in 2025 is the impact of tariffs on imported goods. “Higher tariffs mean increased costs for materials, which ultimately affects consumers and business profitability,” Gillyard explains.
To counteract these rising costs, she suggests that businesses diversify their suppliers, negotiate better contracts, and consider domestic manufacturing options. “Being proactive is the best way to stay ahead of financial challenges,” she adds.
The C-Park Business Hub: A Game-Changer for Entrepreneurs
In addition to her tax expertise, Gillyard is making waves with the launch of the C-Park Business Hub in College Park, Georgia. Scheduled to open on May 17, 2025, this new space will provide co-working offices, professional business suites, and business education programs.
“I want to create an affordable, elegant space where entrepreneurs can thrive,” she shares. The hub will house her By The Numberz CPA™ firm on the upper level, while the lower level will feature an education center. Entrepreneurs will have access to resources under her Start, Stay, and Bank Profits™ framework, designed to help small businesses succeed.
“My passion is teaching and empowering business owners,” Gillyard says. She aims to collaborate with organizations and bring high-value business education to the College Park community.
Final Advice for Entrepreneurs
Gillyard’s closing message is clear: “Be proactive with your taxes, stay financially educated, and don’t wait until the last minute to adapt to changes. Success comes from preparation, not luck.”
With tax season approaching and her business hub opening soon, Nicole Gillyard continues to be a powerhouse in the world of finance and entrepreneurship.
