Mike Savage New Canaan
Muscle Car Enthusiast
Michael Savage of New Canaan, CT, Is Passionate About Muscle Cars
Mike Savage of New Canaan, CT is an experienced Chief Executive Officer (CEO) with a long, tenured history of success in the accounting industry. As the CEO of 1800 Accountant Michael Savage, has a long list of skills include accounting and management expertise, along with a deeply honed knowledge of Mergers & Acquisitions and launching start-ups. Savage’s educational background includes a Bachelor of Science degree from Brigham Young University in accounting.
Mike’s love of muscle cars is one of many passions he shares away from his entrepreneurial life. He also has a deep fondness for Legos and and has amassed an impressive collection of Koi fish.
But, back to muscle cars.
Muscle cars are defined as high-performance, American-made cars often outfitted with a high-octane V8 engine with rear-wheel drive. The peak of the muscle car craze was in the mid 1950s and 1960s. But interest in these unique automobiles continues today with a resurgence of interest.
There has been a renaissance for interest in the muscle car over the past several years. Enthusiasts attribute this newfound popularity to the fact that today’s generation of adults are embracing the kind of cars they originally fell in love with in their high school or college days. That which was perceived as being “cool” then has become even cooler over time.
Muscle car enthusiasts are looking forward to the Muscle Car and Corvette Nationals convention on November 19 and 20, 2022 at the Donald E. Stephens Convention Center in Rosemont, Illinois. Hundreds of classic cars will be on display and judged for their uniqueness and authenticity. It’s an excellent way to experience and enjoy these beautiful classic cars whether you’re new to the hobby or a long-time fan.
Here are some of the more unique muscle car models. It’s important to not forget about our glorious automobile industry’s past as we move to the future with electronic and self-driving vehicles. While those models are important to take a giant step forward into auto innovation, understanding how we got here is an important history lesson in the evolution of the automobile.
Muscle Car Types
Some of the most popular muscle cars include the Chevrolet Camaro, Ford Mustang, and Pontiac Firebird. These cars are often equipped with powerful engines that allow them to accelerate quickly and reach high speeds. Muscle cars are often favorites among car enthusiasts and collectors.
While many muscle cars are no longer in production, there are still a number of them on the road today. In recent years, there has been a resurgence in interest in these cars, and many people are now looking to purchase them. Muscle cars can be a great investment, and they can provide a lot of enjoyment to their owners.
Check some other favorite muscle car body types that Mike Savage of New Canaan loves.
Michael Savage In The News
Mike Savage, a CPA and the CEO of 1-800Accountant, told the Business Insider recently that there is indeed a tax deduction for home offices, but it’s only available to self-employed people. The Tax Cuts and Jobs Act (TCJA) suspended the home office deduction for employees for tax years 2018 to 2025.
“One of the principal requirements of the home office deduction is the space you use for business must be regularly and exclusively used for business,” Michael Savage said from his headquarters in New Canaan, Connecticut. “It must also be the principal location of your business.”
Some other ways the wealthy drive down their tax bill is by making direct investments abroad according to Mike Savage, chief executive of 1800accountant, a virtual accounting firm for independent contractors and start ups located in New Canaan, CT. If they owe tax to a foreign government, they’re allowed to take a US tax credit. “Avoiding double taxation,” Savage said.
“Expense account fraud is a prevalent issue, in particular with small businesses [that] may not have adequate internal controls in place. The Association of Certified Fraud Examiners has reported expense reimbursement fraud accounts for 21 percent of fraud in small businesses.” – Mike Savage, New Canaan, CT
Michael Savage of New Canaan Speaks of Biden’s Proposed Tax Hikes
Recently President Joe Biden unveiled his “American Families Plan,” aimed at expanding the Child Tax Credit and establishing programs for universal pre-K, free community college and paid family leave.
This bill would cost an estimated $1.8 trillion.
To pay for this bill, Biden is proposing raising taxes on the country’s wealthiest individuals and corporations from 37% to nearly 40%.
How Biden’s plan will affect income taxes and capital gains remains to be seen.
Biden does want to increase capital gains taxes so that if a family or individual earns more than $1 million, they would pay the same rate on profits from selling their investments – capital gains – as they do on their wages.
Currently, the highest-earning taxpayers owe a 20% capital gains tax on assets held for over a year. Biden would increase this to 39.6% for top earners, meaning, “If you’re making more than $1 million, your capital gains tax is pretty much doubling,” says Mike Savage, CEO of 1-800Accountant.
This change could greatly affect the stock market as well.
Savage of New Canaan, CT told money.com that if the capital gains tax does go up, investors could hold onto their assets instead of selling. In addition, if corporations have to pay more in taxes, their earnings could fall, and their stock prices might dip affecting those holding that stock.
Lots of “ifs” including if this bill has even a slim chance to pass. Republicans in the House and Senate are decisively saying, “No.”
About Mike Savage of New Canaan, CT
Mike Savage is the CEO and sole shareholder of 1-800 Accountant, a virtual accounting firm that is redefining small business accounting services through innovative technology. Mike is responsible for detailing the company’s vision and strategy. He is a 2018 recipient of the Glassdoor Top CEOs award.
After graduating from Brigham Young University’s School of Accountancy, Michael Savage started his career with PricewaterhouseCoopers, where he served as a consultant working on high profile investigation cases for the PWC’s fraud division. He consulted on financial statement and earnings restatements for Fortune 50 companies.
Savage recognized that small businesses could also benefit from the same big four level of service. With this concept, 1-800 Accountant was born. His focus on eliminating bookkeeping and tax preparation anxiety for small business owners has positioned him as a leader in the industry. His company is one of the largest small business accounting firms in the nation, boasting over 200,000 businesses as clients. Mike Savage lives in New Canaan, Connecticut and has often been seen in the media including an appearance on Fox & Friends and in Money magazine.
Additional Media Links
- Consumer Reports – IRS Loosens Tax Penalty for Millions
- NASDAQ – Pay yourself first? Last is how small biz often works
- NPR Marketplace – IRS warns taxpayers to check on their withholding
- Reuters – Your Money: Pay yourself first? Last is how small biz often works
- US News & World Report – How to Invest When You Owe the IRS
- USA Today – Worried about getting a tax refund? When should you hire a pro to do your