The Largest Tax Cut in US History? [E170] - Business By The Numbers

About this episode

Thanks to our partner PromotiveIn this episode of Business by the Numbers, Hunt Demarest, CPA of Paar Melis and Associates, explores the details behind what former President Trump is calling the "largest tax cut in U.S. history." What’s actually in the proposed bill? Will any of it pass Congress? And most importantly, what could it mean for auto repair shop owners and other small business operators?Hunt unpacks what we know so far, what’s still uncertain, and how business owners can start thinking strategically. From potential expansions of the Child Tax Credit and QBI deduction to the controversial proposals of eliminating taxes on tips, overtime, and Social Security, this episode covers the key elements that matter most.Whether you’re looking to stay informed or proactively plan for future changes, this episode offers a grounded look at what’s on the table—and what’s likely to be left off.Key Takeaways:What’s included in the proposed 2025 tax cut and what’s still up for debateThe current status of the Child Tax Credit, QBI deduction, bonus depreciation, and SALT deduction capPotential elimination of taxes on Social Security income—and whether that’s realisticA breakdown of the proposed “Millionaire Tax” and its implications for high earnersWhy the talk of tax-free tips and overtime could create major planning opportunities for business ownersWhat shop owners need to watch for and how to prepare as legislative discussions continueThanks 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/