{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Confessions of a Shop Owner","title":"Ep 115 - Eric Joern | The Tax Mistakes That Can Destroy Your Repair Shop","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/e7f75827\"></iframe>","width":"100%","height":180,"duration":3489,"description":"Mike Allen sits down with Eric Joern of Kaizen CPAs & Advisors and host of Under the Hood CPA to talk about the financial side of shop ownership that most technicians never signed up to learn. They get into disastrous QuickBooks files, surprise tax bills, R&D credits, ERC abuse, sales and payroll tax mistakes, buying versus selling business assets, tax strategy when selling a shop, and why your CPA needs to hear about major decisions before you make them. Eric also brings his background as a dealership service advisor into the conversation, leading to some extremely questionable water-pump sales advice from Mike. If you own a repair shop and have ever looked at QuickBooks and immediately closed the tab, this episode is probably for you.\nTimestamps:\n00:00 Brown Water and Being Confidently Incorrect\n00:56 ASTA, STX & the Confessions Hospitality Suite\n03:24 Meet Eric Joern of Kaizen CPAs\n04:08 Tax Deadlines and Mike’s Financial Responsibility\n05:43 How Bad Are Most New Clients’ Books?\n07:36 Mike Confesses His Podcast Books Are Terrible\n09:08 Paying Taxes Means You Made Money… Right?\n09:40 How Aggressive Should Your Tax Strategy Be?\n10:37 Is the R&D Tax Credit Worth Exploring?\n13:04 The Tax Credit Eric Saw Abused the Most\n15:34 Does Cheaper Mean More Trustworthy?\n16:12 Eric’s Life as a Dealership Service Advisor\n17:22 Mike’s Terrible Water-Pump Sales Advice\n18:49 Don’t Solve a $3,000 Problem With a $50,000 Solution\n19:05 Toyota Warranty Work and the 300% Rule\n21:10 Why Does QuickBooks Online Suck?\n23:20 Are There Any Real QuickBooks Alternatives?\n24:45 Shops Still Running Everything Through QuickBooks\n26:18 Is Saving $300 Worth Wasting Your Nights?\n26:47 “My Wife Does the Books and She Loves It”\n27:25 Why Eric Started Under the Hood CPA\n30:11 Shop Owners vs. Other Small-Business Clients\n31:18 “I Don’t Know What I Spent $50,000 On”\n32:14 The $50,000 Amazon Bill\n34:17 Shop-Owner Bookkeeping Horror Stories\n35:07 The $60K–$80K Sales Tax Mistake\n35:54 Mike’s Payroll-Tax...","thumbnail_url":"https://img.transistorcdn.com/TGFdk8p3lwIqG6-Zxu0zdS85-eMxgjWH_ROpDgligzo/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9hYmUy/MTMxZmUzN2Q5Mzkw/YTgxMDliZDViN2U3/N2Q1ZC5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}