Accounting for Solo Entrepreneurs

Future Financial Planning and Accounting for Solo Entrepreneurs

Tired of wrestling with spreadsheets and deadlines? At Haworth & Company, our personalized accounting for small businesses and hassle-free payroll services for small businesses free you up to focus on growth.

Business Consulting and Tax Planning for a Solo Proprietor

The world of a solo entrepreneur is different from that of a large corporation. Your business and personal finances are often intertwined, creating a unique set of challenges that require a specialized approach.

Retirement Savings Tax Benefits

In looking to the future, Tim wanted to begin saving more aggressively for retirement but wasn’t sure which kind of account made the most sense for him. He realized that hiring an accountant for a small business could help him navigate these decisions more effectively.

We discussed the different retirement options available to him, including a ROTH IRA, SIMPLE, and SEP, and the various eligibility requirements and limits of each. Given Tim had no employees and no plans to add any in the future, we determined a SEP would be the best fit, allowing him to put away a significant amount for the year and get an immediate tax deduction for the full amount, saving him even more.

Because SEP contributions can be made up until the filing of the business tax return, maximizing Tim’s SEP is now a recurring planning topic. We coordinate with his financial advisor and time contributions when it makes the most sense for Tim.

College Savings Plans Tax Benefits

Tim’s family had recently expanded with the addition of his first child, making now the right time to set up a college fund. Multiple options exist for setting up long-term educational saving accounts, and Tim wanted to know which was best suited to his particular situation.

We started by discussing the benefits and rules of a 529 plan. By setting up an account for his child, Tim would not only be able to save for college but also reduce his taxes with a state tax deduction each year. We discussed that while this deduction would phase out as his income increased, all earnings in the plan would grow 100% tax-free despite his adjusted gross income. All withdrawals for qualified education expenses would be tax-free as well, and in the event his child didn’t go to college, the 529 plan could be rolled over to another child.

Improved Business Financials Visibility & Tax Support

Once we created the plan for Tim, the next step was helping him implement it. Tim recognized the benefit of having professionally prepared monthly reporting so he would always know how the business was doing without having to invest the time in working through the numbers himself.

Tim also opted to work with us for the filing of his annual state and federal taxes. Combining these services with our audit protection freed up his time during his busy season and provided him with additional peace of mind that his taxes would be done right and every deduction would be used to his best advantage.

Our Comprehensive Services for Sole Proprietors

Here is a full list of the services we provided to Tim and that we offer to all our solo entrepreneur clients.

Business Consulting

We provide initial strategy and monthly reviews to help you plan for the future.

Accounting Essentials

Our services include monthly bank reconciliation and the preparation of monthly financial statements.

Income Tax

We handle your annual tax preparation and provide audit protection for added peace of mind.

Why Solo Entrepreneurs Choose Haworth & Company

We understand that as a solo entrepreneur, every decision you make impacts both your business and your personal future. That’s why sole proprietors across Minneapolis and St. Paul trust Haworth & Company as their accounting partner.

We provide specialized expertise, proactive guidance, and peace of mind—helping you maximize tax savings, simplify your finances, and focus on growing your business. With us, you’ll always know where your numbers stand and have the confidence to plan for what’s next.

Hear From Our Valued Clients

Matt Holt

20:52 14 May 25

My small business would be struggling without these guys. Great team and they are quick to respond when I need help.

Quality Construction Cleaners

13:17 05 May 25

I can't say enough good things about Kathleen and Logan over at Haworth Rochester branch. They have been working hard to help me get my company setup the way it should have been over 9 years ago. The level of detail and help they are offering to help me save money and be sustainable is amazing. If your looking for an accountant make sure you find one that will actually work to save you money and help your company grow. I was with one local company and they did NOT do a good job for my company and it has hurt be very badly financially... Katheleen if fixing that! Call her NOW for your business, they work with businesses of all sizes.

Stephen Johnson

16:26 09 Apr 25

I’ve had my taxes done here for several years and they’ve done a great job with navigating the unique aspects of my taxes as a pastor. They are organized, up to date on new tax laws, and I’ve had good turn around time on my taxes.

Steve Adams

20:02 17 Mar 25

Andrew Piva

20:09 07 Oct 24

I have had a very pleasurable experience working with Logan and Heather the last 2 years of owning a business. They have kept me up to date on my Financials, as well as any trends they notice, good or bad. They are honest and paint an accurate picture of my business for me, the good, the bad and the ugly. I can tell their team actively looks for ways to reduce my tax burden. They also give me advice to share with my customers on how my services can benefit them as well, come tax time. Haworth was one of my first investments when I opened my business and I can say with 100% certainty that they have been a huge part of my success.Keep up the good work HaworthLogan and Heather are absolute Allstars.

Dalton Shirley

11:41 25 Sep 24

Haworth has been great from day one. Very knowledgeable and attentive to our needs personally and as business owners.

Sara Hellerud

21:18 03 Jul 24

Love all of them! Heather is my "go to" gal! She is prompt, professional and accurate!!!

Seamus Kolb

00:43 25 Jun 24

Angie and her team are wonderful to work with! Highly recommend if you own your own business.

Janky Gear

00:08 18 Nov 23

I can't sing enough praises about Haworth & Co!They have an eagle eye for catching errors that I have overlooked, saving me money and time. They are by the book. I never need to worry about compliance or audits. And they ensure all my employees are paid on-time!They are more than just an accounting firm; they are an essential part of the Janky Gear team! This is a great firm to start your new business with. Set your books up the right way and feel confident as you grow!Thanks for all your hard work.

Brien Slawik

00:11 06 Aug 23

I'd like to mention that our firm has been using the services of Haworth and Co. , LTD for over 14 years. Whether it's your corporate financial statements, payroll, tax returns or book keeping you'll find competent, friendly, affordable and reliable service. I most highly recommend this firm.

Greg

13:21 27 Jul 23

Simply the best! Super responsive, professional, friendly and very competent in their work. 10 stars if I could!

Shane Glasgow

13:37 15 Mar 23

Fred Gommels

22:37 09 Jan 23

Angie, Heather and Jessica are the best! They were amazing help, especially during the pandemic. During that time when life was in turmoil for small business and everyone else... all 3 were quick to respond to all of our requests. No question is ever too small to be addressed. They are accurate, smart and give great advice. We have been with Haworth & Co for more than 25 years, and look forward to many more years to come.

Dani Ramseth

15:22 20 May 22

Bridget has been extremely patient with me as I try to navigate the financials of my small business. She guides me along and is quick to respond to all of my questions and needs! I appreciate all of her hard work!

David Larson

17:09 01 Mar 22

Our company has used Haworth & Co. long before they purchased Johnson-Giere. We deal with Nathan Dittmer, Jean and Cindy. They are an all star cast. We are a small company, so getting ones attention is huge for us. Their follow up and attention to detail is stellar. Most importantly is their knowledge. They don't miss a trick. I would highly recommend them to anyone seeking their help. They also do out personal business owners taxes, FYI.

Hansen's Custom Countertops

21:35 16 Dec 21

Hansen's has enjoyed a 25 year history with this valued trade partner since our inception in 1996... Their transition to Haworth & Company has only improved the already stellar level of confidence and trust that we enjoy with them handling our accounting. Thanks for everything Nathan!

Ben Sowieja

14:28 07 Dec 21

When starting my electrical contracting business, I knew I would need an accountant to help me navigate things. It has now been over 10 years, and as we have grown, so has our relationship with Haworth. Haworth has been a vital part of my business and always will be.

Tim Drkula

22:04 19 Nov 21

Friendly, professional & knowledgeable

Shameless Inc

18:07 13 Nov 21

The team at Haworth is excellent to work with. They do a great job staying on top of my books and accounting. I also really appreciate they proactively help me when tax rules change or upcoming plans are needed. They are always there to help so I can stay on top of my business.

Jennifer Novak (JENNIFER)

15:51 12 Nov 21

Thank you to Kim and her team for outstanding service. We appreciate all the help with PPP compliance and guiding us through the COVID 19 pandemic.

Alan Lindgren

21:47 10 Nov 21

Whenever I need help, it's always provided. Vickie is my savior!!

Tom McGreevy

21:39 09 Nov 21

We have used Haworth and Company as our accounts for over 25 years.

William Alexander Lode

22:24 08 Nov 21

Tina Nelson

21:04 08 Nov 21

Hayworth has been great to work with! Bridget is friendly and quick to respond to any questions.

Tim Sandlin

19:01 08 Nov 21

We have been with Haworth for 5 years Bridget is the best. Always on top of everything and easy to work with. Bridget is always there to answer any question and always seems to have the answer you need to know. Very professional company.

Dave Netten

14:49 08 Nov 21

Strong attention to detail and always available. I've been both a small business client and a personal tax client and their service and delivered product are excellent!

grant brekke

21:26 05 Nov 21

Haworth has been my company's accountant since 1989. Many companies have tried to get my business, but there is no need to change when you have been taken care of so professionally for 32 years. Haworth is the best!!!

CHAD SKARTVEDT

18:39 05 Nov 21

Kim and Lisa at Haworth have been a wonderful team to work with. They help me stay organized and keep me appraised of items needed for the future. They are always there to answer my questions and have given me valuable tips on business decisions that I might not otherwise have known. I can't imagine my business with out their expertise.

Keith Aune

18:29 05 Nov 21

We have used Haworth for decades and couldn't be happier. They do great work and are very detailed. When times got really tough for many small businesses during the pandemic Haworth was there for us. The helped us successfully navigate the many programs that were available to us.

David Rodriguez

19:29 06 Mar 21

The Tiger King

23:58 15 Oct 20

Minnesota Motorworks

23:54 15 Oct 20

If looking for an accounting firm we would definitely recommend Haworth and Company. Not only are they priced very fair, they do great work and have been proven to work on tight timelines....Don't search further give them a call

Chris Welhaven

23:14 21 Feb 19

Jeremiah Johnson

14:19 29 Aug 17

Great Service. Everyone was super nice.

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Frequently Asked Questions

Have questions about how we can help your specific business? Find answers below or contact us for more details.

Why should a solo entrepreneur hire an accountant?

A solo entrepreneur should hire an accountant to gain financial clarity, save time, and ensure they are taking advantage of all possible tax deductions and credits, which can lead to significant savings.

How can a CPA help me with retirement planning?

A CPA can help you navigate the various retirement options available to a solo entrepreneur, such as a SEP IRA or a Solo 401(k), and develop a strategy that maximizes your contributions and tax benefits.

What is a 529 plan and how can it benefit my family?

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. It can benefit your family by allowing your savings to grow tax-free and providing potential state tax deductions on your contributions.

What makes Haworth & Co. different from other accounting firms?

We pride ourselves on a peronalized approach, deep industry expertise, and a proactive commitment to our clients’ success. We’re not just number crunchers; we’re your financial partners dedicated to helping you achieve your business goals.

Take the Next Step

See how we can help you plan for the future and reduce your tax payments.