Richard Lipton, CPA, Author at Tire Review Magazine - Page 6 of 7
Tire Dealer Financial Tips for December

As the year comes to a close, now is a great time to review a few aspects of your business. To set your tire dealership up for success in the new year, consider the following areas. Make Charitable ContributionsConsider making charitable contributions before year-end, both to obtain the maximum tax deduction and to fulfill any

Year-End Tax Planning for Businesses

Businesses can take several measures at the end of the year to reduce their tax burdens in 2010. Here’s a rundown of best options. Purchase New Business EquipmentThe Section 179 deduction for equipment purchases was increased again in 2010 under the recent passage of the Small Business Jobs Act of 2010. Businesses can elect to

Three Common Budget Errors to Avoid

When it comes to budgeting, it’s absolutely essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, as well as some tips for avoiding them. These errors tend to throw budget estimates out of line with reality, thereby taking away from a budget’s usefulness. 1. Not

10 Things You Need to Know About Identity Theft

Criminals use many methods to steal personal information fromtaxpayers. They can use your information to steal your identity andfile a tax return in order to receive a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist. Identity thieves get

Cash Flow – the Pulse of Your Business

Unfortunately, many small business owners do not fully understand their cash flow statement. This is shocking, given that all businesses essentially run on cash, and cash flow is the lifeblood of your business. Some business experts even say that a healthy cash flow is more important than your business’ ability to deliver its goods and

Don’t Panic: What to Know If You Get an IRS Notice

The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices – just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply and painlessly. The IRS might send you a notice for

Summer Travel Tax Deductions

Since the summer travel season is almost upon us, keep in mind that if your summertime travel is primarily for business or career-related education such as training, then a portion of the trip may be tax-deductible. As long as most of your travel days are for business purposes, you can deduct the cost of travel:

New Tax Benefits for Hiring New Employees

Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part-time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law by President Obama on Mar. 18. Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan.

Small Businesses and Health Care

Many small businesses and tax-exempt organizations that provide health insurance coverage to their employees now qualify for a special tax credit. Included in the health care reform legislation – the Patient Protection and Affordable Care Act – which was approved by Congress and signed by President Obama on Mar. 23, the credit is designed to

Consider Renting a CFO to Save Costs, Increase Profits

As businesses attempt to cut payroll expenses, many have looked to outsourcing the role of a CFO. Whether the company currently has a CFO and wants to cut back or needs to add outside talent to the existing organization, many companies are turning to an outside CFO. Most businesses, including tire dealerships, often reach a point where they need

Buy a New Vehicle in 2009 and Save

The Internal Revenue Service and Treasury Department recently announced a tax break for the purchase of new motor vehicles, making now an ideal time to look at updating your shop’s fleet of service or “loaner” vehicles. The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes

Save Money on Taxes From College Tuitions

Have you ever been concerned that,although you are able to pay your child’s tuition, you may not be able toincorporate any penalties or fees accompanying the tuition costs? Well, with an IRA fund, that worrycan be put to sleep. Typically, if you are younger than age 59.5, there is a10% penalty for withdrawing money from