2024 Year-End Tax Planning: Good Year or Not-So-Good Year
Manage episode 454869135 series 3599843
In this episode, we dive into key year-end tax planning strategies tailored for auto repair shop owners and small businesses. Discover how to reduce your tax bill, boost retirement savings, and make informed financial choices as 2024 comes to a close. We also spotlight AutoShopAnswers.com and the transformative training they offer to enhance your auto repair business. Additionally, we provide updates on the Corporate Transparency Act and other timely tax tips to guide you through the end-of-year financial landscape. Tune in for expert insights to help you capitalize on financial opportunities and set the stage for a prosperous new year.
Episode Breakdown:
- 01:39 Year-End Planning: Tax Strategies for 2024 – Practical advice on reducing your tax liability as the year ends.
- 02:36 AutoShopAnswers: Revolutionizing Auto Repair Training – How AutoShopAnswers.com is helping auto repair businesses thrive.
- 04:14 Tax Tips for Auto Repair Shops – Tax-saving strategies for the auto repair industry.
- 05:04 Important Tax Updates and Deadlines – Key tax deadlines and the latest updates, including the Corporate Transparency Act.
- 07:29 Maximizing Tax Deductions for a Strong Year – Strategies to leverage tax deductions if your year has been profitable.
- 17:33 Retirement Plans and Contributions – Boosting retirement savings and minimizing taxable income.
- 21:09 Capital Gains and Charitable Donations – How to manage capital gains and make charitable donations for tax advantages.
- 33:05 Tax Strategies for a Challenging Year – Navigating taxes when your business hasn’t had its best year.
- 36:19 Conclusion: Enjoy the Holiday Season – Wrapping up the episode with a reminder to enjoy the holidays while staying on top of your tax planning.
Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers
Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.
Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.
Connect with Papakyrikos, CPA: The GPS to Your Business Success
- Visit us online: www.papakyrikoscpa.com
- Email us: Podcast@papakyrikoscpa.com
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