• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About
  • Forum
  • Design Studio
  • Upholstery Jobs
  • Newsletter
  • Sponsors

The Hog Ring

Auto Upholstery Community

  • Facebook
  • Instagram
  • Twitter

Free Seminar: Understanding the Tax Law

January 9, 2018 By Nadeem Muaddi

The Hog Ring - Free Seminar - Understanding the New Tax Law

SEMA is hosting an online seminar today to teach small business owners about how the United States’ new tax law will impact auto shops and employees. This free event is a must watch for every U.S. trimmer.

President Donald Trump’s “Tax Cuts & Jobs Act” (H.R.1) went into effect on January 1, but many small business owners and employees are confused about how it will impact them.

A tax bill summary published by SEMA in December states:

The “Tax Cuts and Jobs Act” permanently reduces the corporate tax rate from 35% to 21% while scaling back deductions for corporate interest expenses, moves the U.S. to a territorial tax system where only income generated from within the U.S. is taxed, and implements a one-time tax on overseas profits brought back to the U.S.

For individual taxpayers, the new law reduces marginal tax rates, which will be in effect through 2025: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Prior to enactment of the new law, taxes rates are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. H.R. 1 eliminates the personal exemption and doubles the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly while eliminating many credits and deductions that complicate tax preparation.

Of particular note, the new law eliminates a provision in the Affordable Care Act (Obamacare) that requires individuals to either purchase health insurance or pay a fine, doubles the Child Tax Credit from $1,000 to $2,000, reduces the mortgage interest deduction from $1 million to $750,0000, caps write-offs for state and local property taxes at $10,000 and expands the medical expense deductions.

H.R. 1 provides “pass-through” businesses (sole proprietorships, partnerships and S corporations) that currently pay taxes at the individual rate of their owners with a 20% tax deduction that applies to the first $315,000 of joint income. This deduction ensures that these business owners pay a marginal tax rate of no more than 29.6%. The law allows businesses to write off the full cost of investments for the next five years, doubles the exemption from the estate tax, preserves the research and development credit and allows small businesses to continue to write off interest expenses on loans.

Confused? You’re not the only one. However, we all need to understand the new law quickly, so as to protect our interests during the upcoming tax season.

SEMA’s seminar is titled “Understanding the New Tax Bill – How Will it Impact Small Business?”

It will take place on January 9 at 12:00 pm EST, and include a presentation by Paula Calimafde, president and general counsel of the Small Business Legislative Council (SBLC), and Jessica Summers, SBLC’s strategic policy director.

Registration is free, but only open to SEMA members. To register, click here.

Filed Under: Archive, Better Business, Seminars & Trade Shows Tagged With: Auto Trim, Auto Upholstery, Car Interior, SEMA, Specialty Equipment Market Association

Reader Interactions

Comments

  1. Suzi says

    March 30, 2022 at 9:01 am

    Hi, thank you for the article Free Workshop: Understanding Tax Law, if you need to find a good lawyer, now everyone should have a lawyer who will help and advise your client in any situation. And if you haven’t found a good lawyer yet, you need to contact Paul Mankin

  2. law seo says

    April 1, 2022 at 9:54 am

    Excellent seminar! I turn to lawyers if you want your business to develop and you do not sit in an empty office without clients. You need to contact the SEO agency providing these services – SEO for Law Firm. This will help your business grow and not stand still.

Primary Sidebar

anal porno bangbros rus porno yaşlı porno konulu porno olgun porno porno izle sarışın porno bakire sex 69 porno

THR Sponsors

NC Sewing Machines
Miami Corporation - Right Rail Ad 3
  • Douglass Interior Products
  • Albright's Supply
  • Keyston Bros
  • Leather Craft
  • OEM+ Banner Ad - The Hog Ring
  • Big Z Fabric
  • Hyde Leather

THR Favorites

The Hog Ring - Watch Carlex Design Customize a Nissan GT-R

Watch Carlex Design Trim a Nissan GT-R

Mondays can be a drag — especially those that … [more] about Watch Carlex Design Trim a Nissan GT-R

Auto Upholstery - The Hog Ring - Telphone Estimate

Quotes, Estimates and Ballpark Figures

When it comes to pricing jobs over the phone, … [more] about Quotes, Estimates and Ballpark Figures

Get the Most Out of Your Business Cards

The business card has stood the test of time … [more] about Get the Most Out of Your Business Cards

The Hog Ring - Learn Auto Upholstery With This New Book

Learn Auto Upholstery with this New Book

Whether you're a rookie or seasoned auto … [more] about Learn Auto Upholstery with this New Book

Harley-Davidson on the Nature of Leather

I found a tag attached to the bottom of a … [more] about Harley-Davidson on the Nature of Leather

Auto Upholstery - The Hog Ring - Dan Miller Upholstery

Dan Miller on Upholstering the VLF Force 1

The VLF Force 1 — an all-American supercar … [more] about Dan Miller on Upholstering the VLF Force 1

Categories

Footer

Recent Articles

  • Everything We Covered in June 2025
  • How OEM+ Auto Tops is Redefining Convertible Top Manufacturing with In-House Mold Production
  • From Factory Match to Full Custom: LEATHER CRAFT Has It Covered
  • JLR Uses Robots to Simulate 10 Years of Seat Wear in Days
  • Trimmer James Lloyd Wheeler Dies at 75

Recent Comments

  • Edward Munday on Hidden Mouse Nest? How to Charge for the Extra Dirty Work
  • Jack on Keyston Bros. Acquires DLT Corporation
  • Brodie Smith on Aston Martin Just Introduced a New Convertible DB12
  • THE CAPTAIN on 6 Tips for Turning Callers into Customers
  • Dmei on Star Wars Seat Covers are ‘So Wizard’

Advertise With Us!

We're always looking for companies to collaborate with. Watch this short video about the benefits of sponsorship and then email us to say hi.

Copyright © 2025 · Magazine Pro On Genesis Framework · WordPress · Log in