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Show Notes

Wes Read, host, Practice CFO

Duration: 44 minutes

A solo walkthrough of the year-end tax planning work that must be finished by December 31st, built around the idea that a strong year of planning only counts if the final execution lands. Wes covers what locks in at year end, the internal checklist Practice CFO runs on every client, and why single tax strategies have to be judged inside the full financial picture rather than on their own. The central point: tax friction is the main brake on financial independence, and most of the levers close on December 31st.

Key topics

• Retirement plan design and funding deadlines
• Section 179 and bonus depreciation on equipment
• Pass-through entity tax elections
• Tax brackets, phase-outs, and lost deductions

Key takeaways

• Retirement plan design cannot be changed once the year closes, and elective deferrals must clear payroll by December 31st.
• Financing equipment for a Section 179 deduction can start a debt spiral: deduction now, payments later with nothing to deduct.
• Missing the pass-through entity tax election is the most common and most expensive oversight on a dental return.
• Getting income under a phase-out threshold pays twice: lower tax now, plus deductions you would otherwise forfeit.

Actions to consider

• Schedule a year-end projection meeting with your CPA or CFO advisor in October or November, while options are still open.
• Confirm your W-2, spouse and children payroll, and 401(k) contributions will land on target before the final December payroll run.
• Have an advisor vet any supplier equipment deal for whether you can actually use the deduction before you sign.