Getting in trouble with taxes is easier than most auto repair shop owners think, and although everything can be fixed, preventing your business from getting to that point is even easier. 

In today’s episode, I’m joined by Eric Joern, that’ll help us understand everything we need to know about the financials, tax returns, and payments of our auto shops. Eric is a Partner at Kaizen CPAs + Advisors and a CPA that specializes in serving the automotive aftermarket.

Throughout this episode, Eric talks about the importance of taking the auto repair shops’ payroll seriously, spending the extra money on December 31st to avoid paying taxes on that money, and why we must look closely at our inventory to avoid tax headaches in the future. 

Additionally, we discuss why getting a CPA is a good idea for every auto shop owner; Eric explains the difference between a CPA and an accountant, and much more. 

In this episode, you will learn:

• What every auto shop business owner should look for in a CPA (4:30)
• Why you have to take payrolls seriously (7:20)
• What’s the difference between a CPA and an accountant (9:20)
• Let’s talk about inventory (11:30)
• Is spending extra money on December 31st a good idea? (15:50)
• Where most auto repair shop owners “miss the boat” (24:30)

Resources

• Connect with Eric on LinkedIn
• Kaizen CPAs + Advisors’ website