By Joe Marconi
Technicians have been working very hard during tough times the past few months. And I am not just referring to maintaining production levels. The emotional strain is also a factor. They have been true heroes and have not let up with their commitment to their jobs, the companies they work for and the people they help each day.
We need to recognize what they do and say thank you to our techs and let them know how much we appreciate what they do each and every day.
By Joe Marconi
As we celebrate July 4th with family, friends and barbecues, let us remember and reflect on the meaning of this day; Independence Day. The day that represents the Declaration of Independence and the birth of the United States of America as an independent nation.
By Elite Worldwide Inc.
With business slowing down for most, we feel that there's never been a better time for shops to take advantage of online training. We know that everyone in our great industry is in this together, and want to help shop owners in any and every way that we can, so have decided to team up with Jasper Engines & Transmissions to make our Online High Impact Customer Care Sales Course available to the industry at no charge.
The recordings for this 4-part online sales training course are usually sold for $179, but the below link will provide you with complimentary access. You'll see that the page also provides access to an Action Plan that you can follow to help you navigate through the coronavirus pandemic.
As you take on this challenge, please don't forget that you're not alone, and that this pandemic will pass. If there's anything else that Elite may be able to do to help you, please feel free to Contact Us, or give us a call at 800-204-3548.
Click Here for complimentary access to our Online High Impact Course and COVID-19 Shop Owner Action Plan
Wishing you the best,
Your Friends at Elite
By Mark Johnson
The Accountable Plan is one of our most successful strategies and gives up to $10K in tax savings per year.
An Accountable Plan allows employees and in your case, owner-employees to be reimbursed for business expenses paid out of pocket.
The expenses become deductions to the business and the employee or employee-owner can be reimbursed creating non-taxable cash flow to them.
In order for the plan to be a “Qualified Accountable Plan” it must have the following connection points:
· Business Connection
· Substantiation (Expense Reports - with receipts)
· No Excess Payments
· Timeliness (30 - Day Rule)
If not disbursed under an accountable plan, the payments could be considered additional wages by the IRS. For this reason, you need an accountant familiar with the accountable plan for the initial setup.
Examples of expenses that qualify are mileage, auto, home office, travel, meals & entertainment expenses.
Learn more about this and other LEGAL tax saving strategies by contacting us at 1954-324-0803 or booking an appointment at https://calendly.com/markjohnsontaxplanner/45min.
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By Joe Marconi
After 39 years in business, it's time to get serious about my exit plan. While I don't think I will ever truly retire, I do think it's time to plan the next chapter in my life. I would like to hear from shop owners out there in the same situation. What are your plans? Are you selling your repair shop? Do you have a succession plan? And are you thinking about a different line of work to keep you busy?