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.
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.
Tips For Safeguarding Financial Records
Some natural disasters are more common in the summer. But major events such as hurricanes, tornadoes and fires can strike at any time, so it’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare.
Will Your Tax Returns Understate The True Value of Your Auto Service Business?
After more than 30 years of owning and successfully running the town’s well-known and successful auto service business…starting out long ago as a single location and growing to multiple sites over the course of his career…Dan the Auto Man is about to make the biggest decision of his professional life. Dan has decided that it’s
8 QuickBooks Reports You Should Run Regularly
You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious bookkeeping culminates in what’s probably the most critical element of QuickBooks:
Cybersecurity For Your Auto Repair Business
Password: fluffy1234. One of our clients asked us to use this for setting up his email, telling us it was the name of his wife’s cat. “Admin” was another client’s request for a username, and he wanted his password to be 1234. Nope! No way, no how! We vigorously refuse to put unsecure passwords in
Eagle Automotive Combines Teamwork, Service Excellence For Business Success
When Brian Bates opened Eagle Automotive in Littleton, CO, 10 years ago, he knew he wanted to build not only a successful business, but also a rewarding environment where employees wanted to excel. If opening a second location in 2012 is any indication, Bates is on to something, and that something is teamwork.
How To Get Paid On Time
Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow and tighten up its credit and collections policies.
