LAST CHANCE 2025 Tax Moves You Must Make Before Year-End

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If you've ever waited until the end of the year and then panicked about taxes, this episode is for you. I'm sitting down with CPA and founder of Better Books Accounting, Chris McCormack, to walk through last-minute, real, practical year-end tax planning moves you can still make before December 31. These aren't abstract theory ideas; these are tax strategies that can literally change how much you owe the IRS in a few weeks from now.

Chris came out of the Big Four world at PwC, where he worked with some of the largest corporations, financial service companies, insurance firms, and real estate investment companies in the world. He saw firsthand how big players use the tax code to reduce taxes, preserve wealth, and reinvest more efficiently. Now he brings that same level of strategy down to real estate investors, entrepreneurs, and small business owners who are chasing financial freedom, not just a refund.

We talk about why December 31 is such a critical cutoff date and how just buying a rental property a few weeks earlier can unlock powerful depreciation and write-offs that disappear if you wait until January. We also discuss how accelerating expenses you already know you're going to incur in the new year can give you an immediate tax discount and more control over your cash flow.

One of the biggest topics we unpack is the Qualified Business Income (QBI) deduction. Chris explains how this 20 percent deduction on business profit really works, who qualifies, why entity structure matters, and why so many business owners are missing out simply because their CPA isn't being proactive. If you're anywhere near the QBI income thresholds, a single smart decision before year-end could mean tens of thousands of dollars in tax savings.

We also hit some of the most overlooked areas: choosing between S corp and C corp status, understanding when a C corporation's flat 21 percent rate might actually help high earners, using employee benefits the right way, and documenting meals, travel, and other business expenses so they don't get thrown out in an audit. Chris explains why sloppy bookkeeping can completely undermine even the best tax strategy and why getting your books right is step one if you want to pay less in tax and build real wealth.

On top of that, we touch on charitable giving as both a powerful tax deduction and a way to expand your impact when your tax bill shrinks. Chris shares how his faith motivates the way he serves clients and how saving people money in taxes often leads directly to more generosity, more peace, and more margin to live life on purpose.

If you're serious about keeping more of what you make, creating passive income, and using the tax code the way the wealthy do, you don't have time to procrastinate. Listen in, take notes, and then take action before the clock strikes midnight on December 31. Chris' Links: - LinkedIn: https://www.linkedin.com/in/chrismccormackcpa/ - Facebook: https://www.facebook.com/chrismccormackcpa/ - Wesbite: https://www.betterbooksaccounting.co/ - Instagram: https://www.instagram.com/chrismccormackcpa?igsh=YzJoM3R4OGZid29r