Ensuring Financial Success for Your Business
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. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions
Is it Taxable or Not?
In the October issue of the Virginia Automotive Report, Terry Westhafer of Central Tire Corp. in Verona told of his personal account of a recent Sales Tax Audit. Since then, we have spoken to Mark Hornsby of Hornsby Tire Co. in Newport News, who also experienced a recent audit. Both Terry and Mark have contributed
2015 Tax Provisions for Businesses: A Review
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015. Standard Mileage Rates The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven
The Art of Purchasing: The Benefits of Financing
Even if a business chooses to purchase equipment, rarely do they purchase it with cash. In fact, whether leasing or buying, “seven out of 10 companies use some sort of financing when acquiring equipment,” says William Sutton, president and CEO of the Equipment Leasing and Finance Association. According to Sutton there are several benefits to
The Art of Purchasing: Buying vs. Leasing Equipment
Equipment costs are unavoidable. Whether it’s the front of a shop, back office or in the bay, tire dealers need a variety of tools to keep their dealership running. The debate for many tire dealers is if they should buy or lease this equipment. So when it comes time to make equipment acquisition decisions it’s important
2015 Year-End Tax Planning
While the fate of several business-related tax extenders such as Research & Development tax credits, bonus depreciation, and Section 179 expensing that expired at the end of 2014 is uncertain, there are still a number of end-of-year tax planning strategies businesses can use to reduce their tax burden for 2015. Deferring Income Businesses using the
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: 1. Casualty loss. You may be able to deduct losses based
IRS Red Flags
While the IRS randomly selects returns for audit review, the agency will often flag returns because of suspicious information or deductions. Help reduce your shop’s chance of being audit, avoid these three common IRS red flags: • Incomplete or inaccurate income reports • Unusual or above-average deductions • Business losses, especially tax losses. If you
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
Insurance Checkup
Insurance can be a large fixed cost for any tire dealer. Periodic reviews of insurance needs and coverage, however, can help reign in costs. Follow these tips in your next insurance check up to make sure your business is covered and getting the best bang for its buck: Check your deductible levels. Higher deductibles
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 business gifts to charity: Qualified charities. You can only deduct gifts you give to qualified charities. This can include churches,
Ensuring Financial Success for Your Business
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. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions
