Mike Savage New Canaan

Founder and CEO at

Muscle Car Enthusiast

Michael Savage of New Canaan, CT, Is Passionate About Muscle Cars

Mike Savage is an experienced Chief Executive Officer (CEO) with a long, tenured history of success in the accounting industry. His 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. 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.

The Muscle Car History

“Muscle car” is a general phrase relating to classic high-performance American coupes. Often the muscle car is defined as an automobile with high-octane rear-wheel drive complete with a large (and often loud) V8 engine.

The muscle car concept largely stems from the hot rod and drag racing culture. The concept is basically a small, lightweight car on steroids. By installing a beefy, large engine with buffed up braking systems and suspension, the cars pack way more punch than their factories had ever envisioned.

The “muscle car” term originated when cars produced in the 1960s and early 1970s were equipped with high-performance engines designed for drag racing. Since the introduction of the first muscle car in 1949 by General Motors, drivers and collectors have been fascinated with the notion of re-imaging their cars with greater power and speed. In fact, it was the Rocket 88 car built by Oldsmobile that really rocketed the niche when they installed a V8 engine inside a body designed to only handle a six-cylinder motor.

Today, muscle cars are both a novelty and a passion. As much fun to admire from the outside or driving it to the redline on a track or open highway.

Michael Savage In The News

Mike Savage New Canaan

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.”

Business Insider

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.

CNN Business

“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

Forbes

Michael Savage of New Canaan Speaks of Biden’s Proposed Tax Hikes

May 3rd, 2021
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.”

Mike Savage New Canaan

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.