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PODCAST: The Impact of the New 2018 Tax Law on the Service Professional
Join Reed Meils, Financial Therapist and Partner in Paar, Melis, and Assoc., Mt. Airy, MD, Hunt Demarest, CPA at Paar, Melis, and Assoc and shop owner Gerry Frank, Shop and coach at Repair Shop Coach.
The highlight of the conversation is the discussion on the New Federal 20% Deduction for Qualified Small Business Income. 100% depreciation available for most asset purchases. Expanded Child and Dependent Tax Credits. Tax credits are better than a tax deduction. It is like getting cash. Technicians that have written off their equipment purchases off their taxes are no longer allowed.
This episode is not intended to give advice on the tax law or accounting principles. Please check with a professional for all your tax or accounting requirements.
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