Episode 12

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Published on:

10th Dec 2024

2024 Year-End Tax Planning: Good Year or Not-So-Good Year

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.

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About the Podcast

GPS to your Business Success
Welcome to GPS to Your Business Success! I’m Nicholas Papakyrikos, and in each episode, I dive into the world of tax savings and practical tips to help your money grow. Whether you're a business owner looking to maximize your savings or just curious about smarter financial moves, this podcast is for you.

Each week, I'll share insights and actionable advice that you can implement right away. From tax tips to effective money management, we’ll cover it all in a straightforward and engaging way.

Connect with us on social media for updates, additional tips, and to join the conversation. Find us on Facebook, Twitter, LinkedIn, and Instagram.
I can’t wait to help guide you towards business success!

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Nicholas Papakyrikos