The Best Financial Tool for Business Owners
If there were a tool that helped you create crystal-clear plans, that provided you with continual feedback on how well your plan was working, that told you exactly what’s working and what isn’t – allowing you to consistently make smart business decisions to keep your business on track for success – wouldn’t you want to
Business Accounting: the Truth is in the Numbers
"Know the numbers…emotions don’t tell the whole story." I first heard this several years ago in a meeting with Bill Berry, president and CEO of American Tire Distributors. It struck home because it seems that so many tire dealers run their businesses by what they think is the right thing to do (emotions), and don’t
Cash Management Tips for Tire Dealers
Cash is the lifeblood of tire dealerships and any other small business. Below are some tips to help your shop maintain a sufficient cash flow to meet its financial goals and run efficiently. Toughen up your credit policies. Review the payment terms you offer to customers and tighten them up if slow payment is a
Spring Cleaning: Tax Records You Can Throw Away
Spring is a great time to clean out that growing mountain of tax and financial papers that clutters your home and office. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS.Let’s start with your "safety zone," the IRS statute of limitations. This limits the number
Five Hidden Reasons You Need a Will
Most people don’t appreciate the full importance of a will, especially if they think their estate is too small to justify the time and expense of preparing one. And even people who recognize the need for a will often don’t have one, perhaps due to procrastination or a disinclination to broach this sensitive subject with
Avoid Identity Theft During Tax Season
Consumers and business owners should protect themselves against online identity theft and other scams that increase during and linger after the filing season. Such scams may appropriate the name, logo or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate. Scams involving the impersonation
Financial Planning Dos & Don’ts
During these uncertain economic times, financial planning has become a challenge. Here are a few financial planning suggestions that can simplify your life and add to your peace of mind about financial matters: • At least once a year, write down your investment goals and what strategy you will use to reach them. This will
How to Prepare for a Successful Retirement
As a small business owner, it’s vital that you pay attention to key financial questions as you approach retirement. Here are some of the items tire dealers should check: Health Insurance. Are you among the lucky few who will continue to be covered after retirement? If not, you’ll need to replace the coverage. If you
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
What 2011 Tax Increases Mean for Tire Dealers
Small business owners have one month left to enjoy lower taxes on their assets. It’s no surprise that some are in a mad dash to sell their businesses before year-end in order to take advantage of the current tax rates. Why the tax increase? The current capital gain and ordinary income rates are scheduled to
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
Tire Dealer Financials: Tracking Your Key to Success
Virtually all tire dealers have a business plan that they revise periodically – and if they don’t, they should. Part of that business plan should be a comprehensive financial plan, one that is easy to review and will tell you what you need to know to be profitable. Whether you’re an industry veteran or are