Casualty and Theft Losses: Find the Silver Lining in Dark Clouds

We’re in the midst of hurricane season now, but the eastern and southern shores aren’t the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires often plague the West Coast, tornadoes may touch down across the Great Plains and Midwest, and low-lying areas near rivers and tributaries across the country … Continued

Ten Steps to Improving Used Vehicle Sales

To be a successful auto dealer in today’s economic environment, you must be willing to adapt to changing conditions. For example, used vehicle departments have historically contributed about 25% of an average dealership’s overall operating profit. But you may want to exceed that figure in order to increase profits. Auto manufacturers continue to squeeze dealers … Continued

Consider Taxes before Converting Your Home to a Rental Property

Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you’re already planning to relocate or downsize to a smaller home. Ideally, you’ll be able to shelter most or all of the rental income with tax deductions … Continued

Avoid Overtime Backlash

When companies depend on mandatory overtime, they must try to minimize the stress and disruptions it causes in their workers’ lives. Studies show that as overtime is extended, productivity can drop anywhere from 10 percent to 50 percent. So regular overtime can become very expensive when you add in the costs of redoing work and … Continued

Can Your Research Credits Offset Your Payroll Tax Bill?

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill. This relatively new privilege allows research credits to benefit small businesses that may not generate enough taxable income to use the credits to … Continued

Attracting and Keeping Customers Requires Repetitive Contacts

When a farmer grows crops, much time and tender loving care are required to ensure a successful harvest. When you meet with potential customers, it is unreasonable to expect that they are going to stop going to the competition and move to your firm. Prospects who have specific needs that are not being met are … Continued

10 Simple (and Fun) Ways to Cut Taxes This Summer

It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here are … Continued

Answers to Your Questions About Living Trusts

Living trusts have become popular estate planning tools, but they are not for everyone. Here are some frequently asked questions to help you decide whether to consider a living trust.   1. How does it work? Answer: With a revocable living trust, you transfer ownership of assets of your choice to a trust while you’re … Continued

Five Tips for Preventing Manufacturer Rebate Audit Headaches

Do you have a love-hate relationship with manufacturer rebate incentives? On the one hand, they draw customers to your showroom and can bump up sales with alluring customer discounts. But they also pose the risk of your dealership undergoing a rebate audit by the manufacturer. Prevent a managerial headache – and a possibly large chargeback … Continued

Does Your Child Need to File an Income Tax Return?

As parents, we encourage our children to work so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, … Continued