Now is the time to conduct year-end tax planning

Description

Abstract: The end of the year is often a good time for dealership owners to plan strategies for trimming their tax bills. Steps taken by December 31 can save big money come April. This article discusses some strategies that might be beneficial, including deferring income and accelerating expenses, reviewing inventory management, writing off uncollectible receivables and more. A sidebar discusses one commonly overlooked dealership tax-reduction strategy: making tax-deductible contributions to employees’ retirement plans.