It's not too late to fix 2025 and maybe not too late for 2024 - Groundhog Day
In this episode of the GPS to Your Business Success Podcast, we’re diving into everything taxes for auto repair shop owners! Nick breaks down how to keep more of your hard-earned money in 2024 and 2025.
Nick emphasizes the importance of trust and integrity in running a successful shop and explains how structuring your business as an S corp can lead to significant savings on self-employment taxes. He walks through the setup process, clarifies the difference between payroll and dividends, and shares practical tips to make tax season much less stressful. If you're an auto repair shop owner, this episode is a must-listen!
Here’s what we cover:
- 00:00 Intro – Let’s tackle your tax headaches
- 02:54 Proactive tax planning (no one likes surprises)
- 03:58 Episode 20 – Avoiding tax nightmares
- 05:11 How your business structure impacts your taxes
- 08:41 Why an S corp could be a game-changer
- 10:28 Dividends vs. payroll – what you need to know
- 15:38 Home office deductions (and how to do them right)
- 16:57 Filing for S corp status – step-by-step guide
- 22:07 Wrap-up and key takeaways
Useful links:
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.
Connect with Papakyrikos, CPA: The GPS to Your Business Success
- Visit us online: www.papakyrikoscpa.com
- Email us: Podcast@papakyrikoscpa.com
