In this episode of the Teaching Tax Flow Podcast, hosts Chris Picciurro, CPA, and John Tripolsky welcome Marit Burmood, CPA & EA, to discuss actionable strategies for business owners as the year winds down. From vehicle deductions to timing income and expenses, this episode cuts through online tax myths to deliver real-world guidance on maximizing deductions before year-end.

Marit shares practical insight from years of hands-on experience helping business owners implement proactive tax plans—emphasizing organization, accurate bookkeeping, and collaboration with your tax professional. Together, the trio highlight how cash-basis timing, depreciation, reimbursable plans, and entity structure play critical roles in shaping your 4th-quarter tax outcomes.

Key Takeaways

• Get your books in order — profit & loss, balance sheet, payroll, and distributions must be accurate before planning.
 • Understand that a deduction ≠ a tax-free purchase. A $100K vehicle deduction doesn’t eliminate $100K in taxes.
 • Avoid depreciation traps — bonus depreciation and vehicle write-offs can cause painful recapture if sold too soon.
 • Use the cash-basis “twelve-month rule” to prepay eligible expenses or defer income strategically.
 • Set up an accountable plan for home-office, mileage, and reimbursements before year-end.
 • Track all subcontractor payments and W-9s now—don’t scramble during 1099 season.
 • Above all: buy only what you need—don’t let the tax tail wag the dog.

Notable Quotes

• “Buying a vehicle might be good, but it’s not a tax plan.” – Chris Picciurro
 • “A $100K deduction doesn’t mean you’re saving $100K in taxes.” – Marit Burmood
 • “Cash flow and tax flow are different.” – Chris Picciurro
 • “Don’t buy it if you don’t need it—be logical, not emotional.” – Marit Burmood

Resources

• Teaching Tax Flow Website
• Defeating Taxes Community

Episode Sponsor:
Legacy Lock
Book a 30-minute complimentary discovery session at teachingtaxflow.com/legacy
(Mention Teaching Tax Flow for special pricing)

• (03:09 ) - Entrepreneurial Tax Strategies for Business Owners in October
  


• (08:56 ) - Understanding Tax Misconceptions and Effective Business Financial Planning
  


• (16:50 ) - Understanding Depreciation Recapture and Tax Implications for Businesses
  


• (21:19 ) - Tax Strategies for Small Businesses and Real Estate Investments
  


• (26:50 ) - Tax Strategies for S Corp and Small Business Owners
  


• (35:45 ) - Effective Tax Planning Through Communication and Organization