LGT's Profit Sense

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It’s not uncommon for dealerships to receive large sums of cash as payment for vehicles. As you may know, your dealership is generally required to file a special form with the IRS to report cash transactions of more than $10,000. This article will review the requirements and provide different scenarios where a dealer may or may not be subject to filing IRS Form 8300.

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In the past, comparison has been described as the thief of joy, this article intends to defend "comparison" as more than just a thief, but rather a source of knowledge than can help a dealership gauge their performance through the use of benchmarking tactics. These benchmarks are put in place to identify strengths and weaknesses across departments and also across other dealerships. The article will dive into a variety of different metrics along with tips on how to give context and relevance to the numbers by identifying a basis of comparison for the data.

The passage of a new tax law in December was intriguing, if not downright exciting, news for most construction company owners. Now that the dust has settled, this article takes a look at some highlights, including reduced tax rates and boosted depreciation deductions. A sidebar points out that some valuable tax breaks have been eliminated or limited.

Picture this- You put twenty years into growing your business. Twenty years’ worth of money, hard work, and dedication. Come the twenty-first year when the business is a fully-functioning, profit-making machine, you get a knock on your door; you’ve been sued.