Announcement: SaverLife highlights the importance of tax time for low-to-moderate income aspiring entrepreneurs

Support from Mastercard and H&R Block underscores the opportunity to reach early stage entrepreneurs

Entrepreneurship has long been recognized as a pathway to economic opportunity and social mobility. However, many emerging small business owners and microentrepreneurs (those focused on leveraging a passion, side hustle, or business idea to augment their own personal financial health), encounter significant challenges in fully leveraging available tax benefits and financial support that can lead to business success and financial stability. To better serve early-stage entrepreneurs, Mastercard Strive USA and H&R Block are supporting SaverLife’s efforts to offer timely and relevant financial content and resources through the SaverLife platform, helping entrepreneurs increase their financial stability at tax time, and beyond. By doing so, this initiative seeks to empower entrepreneurs to build sustainable businesses that are vital for the health and growth of an inclusive economy.

SaverLife completed a nationwide recruitment and outreach campaign designed to connect with over 6,000 entrepreneurs. SaverLife is analyzing data from the more than 1,400 survey responses it received from its active entrepreneur membership community. Initial findings reveal a vibrant array of entrepreneurs leveraging the SaverLife platform. Notably, 31% of SaverLife members reported participating in gig work, freelance opportunities, or other types of self-employment. Of those participants who identified as small business owners, 41% indicated they had registered their business, 35% were testing the waters about a business idea, 11% had employee(s), 9% applied for a small business loan, and 3% received a small business loan.

These initial insights will shape SaverLife’s 2025 tax time engagement strategy, enabling them to meet microentrepreneurs and business owners at all stages of the entrepreneurial journey. Their goal is to ensure these entrepreneurs are well-prepared for tax season, helping them maximize the tax-time moment and discover new opportunities to save, expand their businesses, and build wealth throughout the year.

“Thanks to the invaluable partnership and support from Mastercard Strive USA and H&R Block, we’ve enhanced our ability to engage with our small business membership on a deeper level,” says Leigh Phillips, President and CEO of SaverLife. “Our collaborative approach across sectors and industries is not only amplifying our direct impact for members but can inform a more inclusive economy and tax system that truly supports everyone - including small business owners and aspiring entrepreneurs.”

"We recognize that supporting early-stage entrepreneurs from underserved communities is crucial to building a thriving and inclusive economy,” shares Sandy Fernandez, Vice President for Social Impact for North America at the Mastercard Center for Inclusive Growth. “SaverLife's work is helping the smallest businesses navigate complex financial landscapes, empowering them to maximize tax-time benefits and reinvest in their businesses. This work has the potential to not only drive economic growth but also create more resilient communities and a stronger, more equitable small business ecosystem.”
“For many hard working Americans and entrepreneurs, tax time is a significant financial moment and, possibly, their only opportunity to receive financial help and coaching each year,” says John Thompson, Vice President, Financial Services H&R Block. “That is why H&R Block is proud to partner with SaverLife to inform critical policy matters that ensure tax benefits are more equitable and accessible, expanding the economic mobility and wealth building opportunities that entrepreneurship provides. This work is an extension of our purpose and commitment to provide help and inspire confidence in our clients and communities everywhere.” 

Tax season is a critical period for individuals with low-to-moderate incomes, who often depend on their refunds throughout the year to manage debt, cover monthly expenses, and save for the future. For microentrepreneurs, this time is especially crucial due to the complexities of their tax returns, which typically involve multiple sources and types of income and the blending of personal and business expenses in their household finances.

Over the last 10 years, SaverLife has worked to understand how tax time impacts its members. They have leveraged research insights and member priorities to advocate for programs and policies that will support their entrepreneurial and small business aspirations throughout the year, but especially during tax season. And now, with this latest support, SaverLife has new capacity to impact its growing community of more than 670,000 members across the country — 7% of which identify as microentrepreneurs. This cross-collaborative initiative is positioned to empower entrepreneurs and small business owners living on low-to-moderate incomes as they work toward growing their ventures and building long-term financial stability and wealth.



Stay on the lookout for updates on new research SaverLife publishes as a result of these efforts. Insights and findings about the ways in which entrepreneurship intersects with and influences financial health will be published later this year. Sign up for SaverLife’s research newsletter to get updates on this project delivered straight to your inbox.

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