Hunt Demarest, CPA/ABV of Paar Melis and Associates; Tax Updates, Changes, and Common Hiccups in 2023 Tax Season

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Mar 02, 2023, 08:34 ET

Hunt Demarest with Paar Melis and Associates, Expert Accounting & Tax Services Specializing in Automotive Repair Shops.

MOUNT AIRY, Md., March 2, 2023 /PRNewswire/ -- Hunt Demarest, CPA/ABV of Paar Melis and Associates (a specialized accounting and tax firm for automotive repair shops) educates shop owners to make better financial decisions, resulting in greater success for them, and their shops. Hunt released a blog post about Tax Updates in 2023. This was in combination with partnering with "Aftermarket Radio Network" to produce and release a podcast, Business by the Numbers, with an episode on the same topic (Episode 54).

Join Hunt weekly as he discusses the financial side of owning an auto repair shop, helping shop owners nationwide develop a core understanding of their shop's financials.

"This year, some of our clients are talking about their kids or employees owing taxes more so than usual. If you are self-employed, you already expect to owe taxes and your strategy is typically to get ahead of this payment, or at least be prepared for it. There were some major tax law changes that may be the reason behind this. The new W-4 was introduced in 2020 and intended to be simpler than a W-2."

As an accounting and tax firm specializing in automotive repair shops, Paar Melis and Associates strives to educate shop owners to make smart financial decisions that can lead them to greater success for owners and their shops. On Paar Melis' podcast and blog, Hunt offers a few suggestions for hiccups with tax withholdings that have caused employees to end up with an unexpected tax deficit.

"First and foremost, make sure there wasn't a large irregularity. It might not have been the employee's financial situation that changed, but their spouse's."
"The easiest way to help employees is to talk about how they want to fix it and then increase withholding in a uniform and easy way throughout the year."
"Help [the employee] create a target. Do they want to plan to cover this debt right away? Do they want to break even next year? Or do they want to receive money back in their next tax return? Once an employer figures out what kind of goal their employee wants to create, help them adjust their withholding to meet it."

Hunt Demarest of Paar Melis and Associates, is qualified to speak on best practices and strategies because they have been providing unparalleled tax and accounting services to the automotive repair industry since 1992. They have over 600 auto repair shop clients. They are knowledgeable about specific tax laws that pertain to repair shops as well as most POS/SMS systems they use. That allows them to help shop owners really understand their financials so they can work together to improve the shop's profitability. Since the automotive repair industry is their focus, they can provide industry specific insight that other accountants cannot provide. According to a current client, Brian Moak of "Heart Certified Auto Care" in Chicago, IL, "Paar Melis has been able to really help us master our data at a level that I have not yet been able to do with any other provider that I've worked with. Part of the big excitement around working with Paar Melis is that that data is why we think we'll be able to catapult past our previous record year… I've never had the type of partnership that I'm feeling from an accountant before."

About Paar Melis and Associates

Paar Melis and Associates was founded by Jason Paar and Reed Melis who have a wealth of experience providing expert accounting and tax service to automotive repair businesses since 1992. Services provided by Paar Melis include Accounting Services, Tax Returns, Bookkeeping, Valuations, Payroll, Succession Planning, QuickBooks Training, cleanup and tailoring. Visit www.PaarMelis.com for more information.

About Business By The Numbers Podcast

On the Business by the Numbers Podcast, every week, Hunt Demarest discusses the financial side of owning an auto repair shop, helping shop owners nationwide develop a core understanding of their shop's financials. Visit https://paarmelis.com/business-by-the-numbers

Media Contact:
Claire Coyle
(443) 370-9447
[email protected]

SOURCE Paar Melis and Associates