THA 099: The New Tax Law Impact on the Service Professional - a podcast by Carm Capriotto, AAP

 Your Learning Curve Never Sounded So Good

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.

The Panel:

Reed Melis worked in public accounting for 7 years prior to founding Paar, Melis & Associates in 1992. Reed conducts seminars, currently through the Automotive Training Institute, to instruct and train automotive repair shop owners to increase their profits and understand their “P or L.” Reed and his wife, Gina, are parents of Ashley and Drew. Reed is proud of his daughter’s accomplishments in college. You will often see him watching his son on the soccer field on the weekends. Reed also loves the Classics, cars and rock music. He will often travel to see a concert out of state.



Hunt Demarest is Accredited in Business Valuation and a licensed Certified Public Accountant that has been with the firm since 2006. He specializes in business taxes, valuations and does consulting work with our clients all across the country. When he’s not in the office, Hunt enjoys spending time with his family, golfing, working on and racing his cars.

Gerry Frank has been in the auto repair industry for over 39 years, Gerry has worn all the hats. From technician, manager, owner and now business coach. Gerry still owns his repair shop in Cleveland OH and is a principal member in Repair Shop Coach, helping repair shop owners to work smarter, not harder. Gerry started working in a Shell station while in high school when gas was 69cents a gallon. 

Garry is known as the numbers guy – They say everybody has a special god given talent or superpower and for Gerry that’s the ability to see the holes in the bucket in any business by examining a few financial reports.

Key Talking Points:

• New 20% Deduction for Qualified Small Business Income (Federal Taxes)
  
  
  
  • You pay your taxes based on a 20% reduction in your profits. In other words, your tax base is on 80% of your profits if you are a pass-thru entity.
  
  
  • S-Corporations, Partnerships and Sole Proprietors are considered. Please check with your own accountant to see if your companies structure qualifies.
  
  
  • This is a new feature in 2018. You’ll see a ‘windfall’ this year and become the ‘New Normal’ for at least the next 5 years.
  
  
  • You may want to consider doing something with the monies you will not pay Uncle Same. Fund retirement, pay debt, set some aside for a rainy day.
  
  
  • Town Hall Academy

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