Be an early bird – Prepare for your 2013 financial statements and tax strategies

Description

Abstract: For dealerships on a calendar year, it’s only a few months until year end financial statement and income tax planning will be here. Given the breadth of these documents and the complexity of changing tax laws, it’s not too soon for dealers to start collecting the information they’ll need and conferring with their CPA about strategies. The article discusses depreciation and deductions, fixed assets, inventory methods, adjusting journal entries, and owner transactions.