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
The Loss Control Imperative
Profitability increases the value of your company and provides the capital you need to invest in growing your operations. It should be your most critical point of focus. But perhaps an even more critical focus for a viable business goes beyond making profits to retaining profits. Far too many tire dealerships end up operating
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:
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
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.
Dealers Take Different Approaches When it Comes to Charity
“He who wishes to secure the good of others,” Confucius said, “has already secured his own.” Such ancient Chinese wisdom has its place in the business world, along with the wealth of wise words spoken throughout the ages and across cultures about charity. Yes, it begins at home, but it can grow at a tire
Detective Work: Forensic Accountants Track Down Clues to Save Your Business
The tedious number crunching involved with keeping a tire dealership on track is something most dealers don’t mind passing off to an accountant – in fact, the majority are glad to have their time freed up to manage other areas of the business. But if you assume the only times you need an accountant are
Tips to Boost Your Shop’s Financial Health
Although the economy has begun to shown some signs of improvement, tire dealers and other small business owners know that in order to succeed, they must continue operating cautiously. From cutting operating expenses to protecting cash flow and tightening overall finances, there are a variety of things dealers can do to boost their bottom line.
Estate Planning Strategies for Tire Dealers
[Editor Note: This interview with Mary Jo Lockshin, a partner at Stark & Knoll LPA, appeared in the November 2009 Akron/Canton edition of Smart Business magazine. Readers are urged to work with their own local accountants and/or attorneys to address their unique needs and specific state regulations.] The decreasing value of assets in a down