The Big Beautiful Bill: What These Tax Changes Mean to You and Your Business [E178] - Business By The Numbers

About this episode

Thanks to our partner PromotiveA 900-page monster of a law just dropped—and it’s about to change how you pay taxes, deduct expenses, and run payroll at your repair shop.This week, Hunt Demerast, CPA at Paar Melis & Associates, breaks down the One Big Beautiful Bill Act (OBBA) and how its sweeping tax reforms affect your shop, your employees, and your personal finances. You’ll hear what stayed the same, what changed unexpectedly, and what you need to keep an eye on before making any big moves.From bonus depreciation to SALT deduction caps, tips and overtime loopholes to gambling losses—yep, that's in there too—this episode simplifies the complex and sets you up for strategic tax savings.What You’ll Learn:00:34 – Why the “Big Beautiful Bill” is no joke02:24 – What’s not in the bill: no politics, just business04:45 – Child Tax Credit: what stays the same and why it matters07:03 – QBI deduction: still 20%, but what it means for your bottom line09:27 – Bonus Depreciation: the biggest unspoken impact11:12 – SALT Cap raised to $40k: huge win for high-tax states16:55 – 3 campaign promises that actually passed17:10 – No tax on Social Security? Yes…and no19:34 – Tips & Overtime: $25k income deduction per category24:08 – Gambling losses capped at 90%: a hidden tax hike?26:22 – Are meals finally off the table?28:11 – Trump Accounts: the “non-IRA IRA” for your kids30:31 – Car loan interest deduction—boon or trap?33:24 – Qualified Production Property: a sleeper hit for shop owners?35:45 – What you should (and shouldn’t) do nowThanks to our partner PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comText Paar Melis @ 301-307-5413Download a Copy of My Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/