Expense Control & Financial
Extension of the IRS Lookback Period: What you need to know
It’s been 3 years since the onset of the global Covid-19 pandemic, and we are still feeling the side effects when it comes to accounting, taxes, and tax refunds. In both 2020 and 2021, the IRS issued notices under the Tax Code, giving them the authority to postpone deadlines and due dates related to filing…
Productivity vs. Flat Rate Potential
Maximizing labor potential continues to be critical for shop owners who are working to grow their business without adding personnel. First, we need to understand what the labor potential is. Multiply your number of techs by their available hours in the shop (an available hour would be one where the tech is standing in the…
Tricks for Tax Season
Taxes are annoying. They cost your business a lot of money to pay. And then you have to spend a lot of time gathering all the proper documentation. And don’t forget to keep it organized. That’s where I have a couple of tricks that I recommend for my clients that I would like to share…
Preparing for Next Year’s Tax Season
What if you could make next year’s taxes less painful? What if next year, your taxes were ready to go and you knew you weren’t overpaying? You can. It just requires a little extra planning now. One of the most underutilized tax tools small business owners leave on the table is tax planning. But what…
Taking the Mystery Out of Labor Inventory
Many colleagues in the industry seem to be confused about managing labor inventory in their shops. Much of the confusion comes from the terminology thrown around the industry and because the definitions for these terms vary (no disrespect to my peers). I would like to clarify, from my perspective, what I believe to be the…
Your Business Finances in 2023
I don’t have a crystal ball. And I can’t predict the future. But there are some things I do know about what is coming in 2023 based on the current direction of our economy. And none of it looks pretty. Continued Inflation Inflation has been at an all time high for the past year and…
Facing Your Financial Fears
I’m not going to sugarcoat things. Times are hard. And they aren’t going to get any easier. One of the problems that makes hard times worse is fear. We could spend all day writing out lists of the things we are afraid of, but we don’t have time to be that thorough. There are however…