2021 Child Tax Credits

In March of this year, Congress passed The American Rescue Plan Act. This included an increase in the Child Tax Credit for 2021 only. Under the old laws, this credit…

5 Things To Do Now That Tax Season Is Over

If you filed for an extension, get on with it. Sometimes shop owners need to file for various extensions which means that tax season isn’t actually over. Take advantage of…
LLC vs S-corp

Business Structure for Auto Repair Shops

When planning to start a new shop, there are several decisions that need to be made. One of the important ones is business structure. We often get asked the question,…

Shop Tax And Corporate Structure

One of the questions that we get asked all the time is, “How should I setup my shop?” Should you be a C-Corp, S-Corp, LLC, etc? Before we worry about…

Lower or No 2018 Tax Refund

One of the big issues that has been in the news lately is decreased refunds or even some tax payers finding out that they have a balance due. The new…

How Much Should I Pay Myself?

Under today’s current tax laws, most of our clients have elected to become S-Corporations for federal income tax purposes. S-Corporations have many advantages over conventional Corporations and Partnerships, which is…

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