Biden Tax Changes
Change in Administration, Change in Tax Policy?
With Biden set to take office on January 20th, you’re probably starting to worry about the incoming administration’s tax policy and how it could impact your shop – and since some small businesses could pay double or even triple their current taxes in upcoming years, you should be thinking about it!
Under the proposed tax law, corporate tax rates are set to increase to 28%, while the top individual income tax rate will hike up to 39.6%. Instead of stressing out, let us help you evaluate the possible scenarios and identify which tax planning strategies make the more sense for you and your business – whether the tax law changes or not!
Notice how IRS and DRP are both three-letter acronyms? Well, that’s not the only thing they have in common; they’re also both continually trying to screw you out of your money!
Let’s face it – The government is just like an insurance company! They’re always negotiating and asking you to give them just a little more. And unless you have a solid sheet, backed by all the supporting documentation, they’re going to take everything you give and still demand more.
But when you follow the correct process and present the right documentation, they can’t argue with you, and you’ll get top dollar! You’re providing the proof needed to substantiate that you did the ethical thing.
Working with Supplement Advisory is like writing a clean estimate with all the OEM repair procedures required. Taxes can be complicated, but it’s so much easier when you rely on a tax strategy expert with a proven process for the automotive industry. We can’t wait to stop the government from taking more of your hard-earned money.
Find out how else the government may be taking your money without you even realizing it by downloading 5 Tax Mistakes That Cost You Thousands for free!
Schedule a time to discuss how Biden’s proposed tax policy may affect your shop’s tax strategy.