Insights: Auto Dealerships
Avoid succession drama with a buy-sell agreement
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one way to put some clear…
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Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…
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If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether…
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Use the tax code to make business losses less painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can…
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Businesses, be prepared to champion the advantages of an HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering…
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5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support…
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The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.…
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3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.
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Navigating the Updated Clean Vehicle Tax Credits
When President Biden signed the Inflation Reduction Act bill into law in August 2022, the Electrical Vehicle (EV) tax credit underwent immediate and long-term changes. Knowing what is coming and how to work with your clients under contract and future customers will be paramount to providing exemplary service and accurate information. The new clean…
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Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…
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