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Year-End Tax Strategies You Must Act On Now Before It’s Too Late

Every year around mid-December, I see the same thing happen. Business owners, real estate investors, entrepreneurs, and even side-hustlers start to panic. They suddenly realize the year is ending, taxes are coming, and they haven’t taken advantage of the strategies that could save them thousands sometimes tens of thousands if they simply acted before December 31.

If that’s you, take a breath. You’re not alone. And the good news is: you still have time. But the window is closing.

In a recent conversation on the Money Ripples Podcast, I sat down with CPA and founder of Better Books Accounting, Chris McCormack, to break down the “must-do” tax strategies that still matter before the year ends. Chris comes from the Big Four world at PwC, where he handled massive corporate audits for some of the most recognized companies in the world. He’s taken that same high-level, strategic thinking and now applies it to small business owners, real estate investors, and entrepreneurs.

Here’s the breakdown of what you need to know and what you need to act on right now.

Why December 31 Matters More Than Most People Think

When most people think “tax time,” they think February to April. But Chris couldn’t have been more clear: if you wait until tax season to worry about taxes, you’ve already lost.

The tax code rewards proactive decision-makers not procrastinators.

There are dozens of strategies that can only be used if you act before December 31. If you wait until January, they’re gone for an entire year.

And unfortunately, once December 31 passes, even the best CPA in the world can only do so much.

Real Estate Investors: This One Move Can Make or Break Your Tax Bill

If you’re planning to buy an investment property, pay attention.

Buying before year-end unlocks depreciation you cannot get if you buy in January.

Even if you don’t have every study done, even if you haven’t completed a cost segregation yet, the simple act of purchasing the property before December 31 can save you thousands sometimes tens of thousands on your taxes.

I’ve seen clients save entire five-figure tax bills simply because they closed in mid-December instead of early January. So if you’re planning to buy…move quickly.

Accelerate Expenses for an Instant Tax Discount

Many business owners know they’ll need new software, equipment, coaching, or travel early next year. But what they don’t realize is this: If you buy those things in December, you get the tax benefit months earlier.

And that deduction is essentially a discount. You’re paying less for something you were already going to buy.

This is one of the simplest year-end strategies but hardly anyone uses it intentionally.

The Most Overlooked Tax Deduction: QBI (20% Off Your Business Profit)

The Qualified Business Income (QBI) deduction is one of the most powerful tax breaks for business owners and yet Chris says it’s one he constantly sees overlooked or misapplied.

Here’s how it works:

• If you have a business profit of $300,000

• You may qualify for a 20% deduction

• Meaning you’re only taxed on $240,000

You don’t pay anything to get that deduction it’s simply free tax savings for qualifying business owners.

However, not everyone gets it automatically. Entity structure, income thresholds, and whether you’re considered a “specialized service trade or business” all impact your eligibility. And if you’re near the threshold (around $495,000 for married filing jointly), a single missed deduction or mistimed expense can eliminate your QBI benefit entirely.

This is why working with a proactive CPA not one who only talks to you in April is crucial.

Entity Structure: S Corp or C Corp? The Answer Isn’t Always What You Think

You’ve probably heard a dozen times: “You need to be an S corp.” And while that’s true for many, it’s not true for everyone.

Chris pointed out that for high-income earners especially those hitting the 37% tax bracket a C corporation’s 21% flat tax rate can be a powerful tool. Most CPAs don’t even bring it up because it requires deeper planning and understanding.

Your entity is the foundation of your entire tax strategy. If it’s wrong, everything else suffers.

Documentation: The Silent Killer of Tax Deductions

We all love the idea of writing off meals, travel, business purchases, and vehicles. But here’s the truth: If you don’t have documentation, it might as well not exist.

Chris sees this all the time. People take the deduction, but they don’t keep proper records. Then an audit hits, and suddenly the IRS wipes out deductions, charges tax, interest, and penalties. What you thought was a smart write-off turns into a painful lesson.

If you want to pay less in tax, documentation isn’t optional it’s essential.

Your Books Are Everything

This one is simple:

If your books are a mess, your tax strategy is a mess.

Chris stressed this again and again. Your bookkeeping is the foundation of your financial decisions.

Without accurate books:

• You can’t plan strategically

• You can’t know your profit

• You can’t measure or reduce your tax bill

• And your CPA is working blind

Good bookkeeping isn’t just compliance, it’s financial intelligence.

Charitable Giving: A Strategy with Both Impact and Tax Benefits

Chris also brought up charitable giving, something close to both of our hearts. Giving allows you to:

• reduce your tax bill

• increase your impact

• and expand your capacity to bless others

But just like everything else, it comes with deadlines. Donations made in January don’t count for this year.

If giving is part of your financial mission, now is the time.

Don’t Just Listen, Act

Too many people hear good advice, agree with it, but never do anything. And that inactivity is incredibly expensive.

Whether you need:

• a second opinion

• year-end planning

• bookkeeping help

• or a proactive CPA who understands real estate and tax strategy

Chris and his team at Better Books are offering free year-end consults—but only until December 31.

If you’re serious about keeping more of what you make, this is your moment. Don’t let another year slip away just because you didn’t take action.

It’s the end of the year don’t procrastinate your way out of wealth.

Make it a wonderful and prosperous week. And more importantly, make this a prosperous life.