Auto Repair Shops Finance and Taxes
Insider Tips About SBA/Bank Financing When Selling Your Shop

As a shop owner contemplating the sale of your business, understanding the elements of bank financing is key to ensuring you will maximize the sales price and minimize the process time.

Looking To Sell Your Business? Debunking An Aftermarket Myth

As a tire or automotive service shop owner looking to sell your business, you may be making the process even more challenging by mistakenly disqualifying potential buyers who would actually make great owners.

6 Tax Tips For Charitable Giving

If you make charitable donations and want to claim a tax deduction for your gifts, you must itemize your deductions. Following are some tips to guide your efforts at donating business gifts to charity.

10 Tips For Deducting Losses From A Disaster

National Hurricane Season is officially in progress. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses.

Start Planning Now For Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? That’s right. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are six tips to give you a leg up on next year’s taxes.

Ensuring Auto Care Financial Success

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. Any business owner knows you need to make numerous adjustments along the way – decisions about pricing, hiring, investments, and so on. So, how do you handle the array of questions facing you? One way is through cost ­accounting.

good accounting practices
6 Tax Tips For Charitable Giving

Richard Lipton, founder of Lipton CPA & Associates, says if you make charitable donations and want to claim a tax deduction for your gifts, you must itemize your deductions. He offers the following tips for giving business gifts to charity.

Tax Strategies For Auto Repair Shops

Shop owners who are focused on serving their customers and operating efficiently are taking a little extra time to also get their financial house in order. They realize the value of the ABCs of a well-managed business: A for attorney, B for banker and C for CPA. These trusted advisers could help you focus on your ­customers and your business, while also ensuring you operate legally, effectively and profitably.

auto care tax strategy
7 Business Building Tips For The Holiday Season

Now that we are coming into the holiday season, there are a number of things you can do to drive up productivity, sales, customer satisfaction and profits. Each one of the below tips worked wonders for me when I was still in the auto repair business, and they are still effective today for many of our coaching clients, so I know they can work for you as well.

A SIMPLE Retirement Plan For The Self-Employed

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE IRA plans work well for small business owners who don’t want to spend a lot of time and pay high administration fees associated with more complex retirement plans.

Year-End Tax Planning For Businesses

While the fate of several business-related tax extenders such as R&D credits, bonus depreciation and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014.

What Every Shop Owner Needs To Know About Accountants

In order to build a successful auto repair shop, there are a number of things you will have to do. You will need to have clearly defined goals, a plan, and you will need to surround yourself with successful people. You will need gifted techs and advisers, a great support staff, the help of marketing professionals and business coaches, and a great accountant as well. Unfortunately, most shop owners don’t understand how to find the really great accountants, they don’t know what to expect from them, and they don’t know how to utilize their services.