Episode
End-of-Year Tax Traps: The Deductions, Deadlines & Mistakes That Cost Shop Owners Thousands [E201]
- Podcast
- Business By The Numbers
- Published
- Dec 18, 2025
- Duration seconds
- 1823
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Summary
Thanks to our partners Promotive and Wicked File Are you leaving money on the table before the tax year closes? In this end-of-year episode of Business by the Numbers, Hunt Demarest, CPA with Paar Melis & Associates, walks through the essential tax moves shop owners must make before December 31st and the costly assumptions that lead many to overpay the IRS. From retirement contributions and HSA hacks to equipment purchases, inventory write-downs, and why your accounts receivable might be lying to you, Hunt explains how small oversights can snowball into massive tax bills. More importantly, he shows you exactly what to check, adjust, and document now to ensure you only pay what you owe and not a dollar more. If you’ve ever wondered whether to buy equipment before year-end, how to handle unpaid invoices, whether your payroll timing affects deductions, or how to set yourself up for a smoother tax season, this episode gives you the playbook. Ideal for shop owners, bookkeepers, and managers who want to tighten their financials, avoid costly mistakes, and maximize deductions before the year closes. What you’ll discover… (02:10) The repetitive tax mistakes and how to avoid them (03:45) Why retirement contributions are Hunt’s “favorite deduction.” (06:35) How much you can contribute to SIMPLE IRAs and 401(k)s before Dec. 31 (09:25) Why Roth contributions don’t reduce your taxes (and when to use them) (10:30) The HSA contribution rules and how they can reimburse old medical bills (14:05) HSA vs. FSA: The real difference and how not to lose your money (16:10) The truth about deducting equipment — cash vs. financing vs. leasing (18:30) Major building improvements you can now deduct in year one (19:40) How to structure employee gifts, bonuses, and reimbursements (22:30) Four b…