114-What Every Business Owner Needs to Know About Basis: How to Avoid Costly Tax Mistakes

In this episode, Christeen Era is joined by CPA and tax strategist Mary Pierce for an insightful deep dive into the concept of "basis"—a critical but often overlooked topic for business owners. Mary breaks down what basis really is, how it affects S corporation owners, and why understanding your basis can save you from unnecessary taxes and frustration. Drawing from her extensive experience in tax planning, Mary shares practical examples, explains common pitfalls (like using your business as an ATM or mishandling distributions), and demystifies how basis does and doesn’t show up on your financial statements.

Listeners will discover actionable steps to protect their profits, avoid double taxation, and utilize smart strategies for building a stronger financial foundation. Whether you’re new to the concept or need a refresher, this conversation offers clarity, real-world scenarios, and the encouragement to engage proactively with your tax professional. Awareness and good financial habits can turn your business into a true wealth builder.

Mary Pierce is a Tax Planning Consultant with Core Growth Strategies. An experienced CPA, Mary has worked in the accounting profession for over 30 years advising clients in construction, real estate, and service businesses. She has advanced expertise in working with businesses in the construction industry. Her expertise in systems, procedures, information technology and human resources, in addition to core accounting and tax skills, give her a unique perspective to help her clients.

 Mary graduated Magna Cum Laude from The University of Detroit with a Bachelor of Science degree. She is a member of the Gold Coast Builders Association, the American Institute of Certified Public Accountants, and the Florida Institute of Certified Public Accountants. Mary is married and has two children. In her spare time, Mary enjoys flying with her husband, gardening, and traveling. 

https://www.pierce.cpa/

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The Green Profit Academy Pros Podcast digs into the challenges in growing a Lawn Care and Landscape business while maximizing your profit. Christeen Era, and Steve Bousquet. are green industry experts in profit, growth, and leadership.