ASA Webinar: How year-end tax planning may be different this year
From the Automotive Service Association
Multiple changes occurred during 2020 due to COVID-19.
In the first two quarters of 2020, ASA led with and advocated for our independent automotive repair industry, from ensuring that we were deemed essential workers to the availability of CARES Act program.
ASA wanted to make sure the great people of our industry were taken care of during these challenging times.
Fast forward and as the year draws to a close, it’s time to open up the books and prepare for year end. The normal conversation would be reviewing deductions, payroll taxes, future investments and other normal planning discussions and strategies.
But this year is different, so ASA felt that it was important to contact Eric Joern, managing accountant, James Hamlin & Companies, CPAs and Advisors.
Joern has been helping ASA members navigate through various questions that arose during the CARES Act. Eric and his firm have also been very supportive to ASA and the members it represents.
“Eric did a wonderful job of taking a complicated situation and simplifying it for our attendees, while educating on important discussion points that business owners should have with their accountants,” ASA President Ray Fisher said. “Attendees got a wonderful overview, thanks to Eric and his way of simplifying tax code.”
During Wednesday’s webinar, Joern touched on the following:
- Cautions and risks caused by the Cares Act
- Top items that cause tax season panic
- Year-end planning strategies
- Properly categorizing tax deductions
- Timing of year-end purchases
- How it may differ between accrual and tax-basis accounting
- Vehicle nuances
- Why the type of vehicle may matter
- What may be different for 2021 tax planning
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Then, during the Question & Answer period, Joern fielded questions ranging from training expenses and what’s acceptable to FSA, HSA, 401(k) and other benefit programs.
Among the various tips Eric provided was making sure repair facilities had W-9s on file of all the businesses that they do business with and are invoiced from.
CLICK HERE for the link to that W-9 form.
Attendees were very appreciative of the information provided, and in the words of longtime ASA member Gary Keyes: “Eric is a rock star.”