If you own a collision repair facility, you likely do some repair work in your home garage; perhaps, you even use your garage as a home office. Great news – you may be able to claim a home office deduction on your taxes, but there are a lot of variables. First, the extent to which Read more about Can You Write Off Your Home Garage as a Body Shop Owner?[…]
Purchasing a company car allows you to claim a variety of tax benefits, such as deductions for gas mileage and insurance, but before you commit yourself to such a major investment, these important considerations can help you avoid some common mistakes business owners make when buying a company car. Forgetting to Look Before You Leap Read more about Avoid These 3 Common Mistakes When Buying a Company Car[…]
Social security taxes are among the biggest tax burdens faced by employers and employees alike, with both of you paying the IRS 6.2%, for a total tax rate of 12.4%. Since March 27th, under the CARES Act, employers have been able to defer the employer portion of the SS tax, and a more recent Read more about Considering Deferring Your Share of Your Employees’ Social Security Tax?[…]
In independently owned collision repair shops, it’s common for the owner’s spouse to play a role in the business, but if your spouse is working full-time in your business and hasn’t been hired as an employee, you could be missing out on a ton of tax benefits – even the IRS says this is one Read more about For Better or Worse, In Sickness and… In the Shop?[…]
The Payroll Protection Program (PPP), created by the CARES Act, has helped many businesses survive this year’s chaotic twists and turns. Even better, according to the government, it’s forgivable and not taxable – but are there really any tax benefits associated with the PPP? Although forgiven loans (which now become grants) are typically counted as Read more about Did the Government Lie about PPP Tax Benefits?[…]