By Mark Johnson
To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business.
The key to making sure any deduction holds up in an audit is DOCUMENTATION.
For meals specifically, there are five items you need on a receipt:
1. The name of the restaurant
2. The date of the meal
3. The amount you paid
4. Who you met with and their business relationship
5. What business items you discussed
The first three items are already on the receipt so you’re covered there.
The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it!
Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited!
Please take the proper steps to document your meals guys.
To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at
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USA Today article (Friday September 27, 2019 by Nathan Borney - USA Today) shows that “the average age of cars and light trucks on U.S. roads reached an all time high of 11.8 years in 2018.”
The article goes on to claim... “By 2023, there will be about 84 million vehicles on the road that are at least 16 years old, reflecting a 240% increase from 35 million in 2002, according to IHS.”
Are you getting your share?
There’s only 90 days left in 2019 and the market is changing. Sorry, it HAS changed. Are you ready? Do you have your plans laid out for marketing your shop in 2020?
Auto Service Marketing - Fix Your Car Count FAST!
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"The Car Count FIxer"
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Our experience with ADAS has been a truly amazing learning journey. Our learning journey is making us wonder what the direction of the industry is with ADAS and more importantly... how service center goals for growth and profit align with maintaining customer satisfaction while performing precise services with a skilled workforce that is in decline. If you're thinking about ADAS... you should read this first.
Another acronym being thrown around is ADAS, short for Advanced Driver Assist Systems. I think everyone is stuck staring at those four letters without understanding the liability that those 4 letters represent for the future of the automotive industry, regardless of how much safer they make vehicles on the road. As one of the first facilities in NJ to purchase and utilize the ADAS calibration system from Autel, we have some really unique experience with it and want to pass on some information you should be aware of when considering whether or not you want to jump in.
Facility Is Too Small - Size matters, A LOT with ADAS calibrations and if you have less than 2500 sf of space with a booming business... chances are you don't have the room to perform calibrations. Your exact business configuration will help determine this, but you ideally need a location where you can pick up 10 feet of open space all around a vehicle for most calibrations, but some calibrations may require 20 feet or more. Floor Isn't Level - If your floor is uneven, you can't perform ADAS calibrations, period. Can't Program? - If you are not experienced with programming modules or updating vehicle modules, you will not be able to perform a fair amount ADAS calibrations. Can't Diagnose? - If you don't have a team that can efficiently and accurately troubleshoot the vehicles already coming into your shop, ADAS isn't going to be any easier, it's going to be significantly harder. Who Needs OE Information, I have "X"! - Replace X with All Data or Mitchell or even the instructions in your scan tool. What happens when the manufacturer updated the information on the procedures yesterday and they didn't share that information with anyone yet? We've already encountered steps missing from the Autel scan tool... Minimum Insurance Policy Is More Than Enough - We have more than double the minimum and we are worried it's not enough. With lawsuits that settle into the tens of millions of dollars, we're not sure what enough is anymore. Don't Document Your Process? - This is where a lot of people will scoff. Who has the time? Save pictures and files, where am I supposed to do that? Who's gonna pay for this? We've figured this out and more importantly... we get paid for documenting. Do you? Mobile Calibrations? - Besides the fact that you're trying to transport $20,000 of equipment needed for calibrations in a van, this one is so serious... we couldn't give you a 2 sentence paragraph, read below. How are mobile glass services, like Safelite, performing calibrations on the go? We don't know, but we have A LOT of questions surrounding this. A recent calibration of a 2019 Toyota C-HR, after a windshield replacement, has some really interesting requirements. Requirements which we are used to, but we want to know... how is a mobile tech handling this? These are the requirements that must be met prior to starting a calibration:
It is our experience that once a windshield has been replaced, the vehicle should not be moved for a period of at least 2 hours (weather dependent) in order to allow the glue to harden properly. So, what's going on? Is the mobile glass tech filling up the vehicle prior to replacing the windshield? How many of you had a windshield replaced and a vehicle calibrated with a fuel tank that was not full? We don't know how many corners are being cut and where they are being cut... but what we do know is that the above requirements have been there in every vehicle we have calibrated at this facility thus far. Lastly, pay particular attention to this requirement in this photo...
*Calibration should be performed in a window-less environment with no bright lights or reflective materials. Ensure no other black and white patterns similar to the calibration pattern should be behind the calibration pattern. In a world where reducing liability is at the forefront of most public discussions, there are sure a lot of companies undermining their insurance policy in the field.
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The average age of light vehicles in operation in the U.S. has risen again as consumers continue to hold onto cars and light trucks longer.
Driven by technology and quality gains, the average age of light vehicles on U.S. roads is 11.8 years, based on a snapshot of vehicles in operation Jan. 1, an analysis by IHS Markit found. That's up from a light-vehicle population that was, on average,11.7 years old in 2018.
The number of registered light vehicles in operation in the U.S. hit a record of more than 278 million this year, an increase of more than 5.9 million, or 2.2 percent.
IHS Markit began tracking the age of vehicles in 2002, when the average age was 9.6 years.
"The average age of a vehicle has continued to grow ever since cars started coming out from Henry Ford's production line, if you will," said Mark Seng, director of the global automotive aftermarket practice at IHS Markit. "People are hanging onto them longer because they're lasting longer."
From 2002 to 2007, the average age of light vehicles in the U.S. increased 3.5 percent, he said, but from 2008 to 2013, the average age rose12.2 percent.
"We're kind of back to that same pace that we saw from 2002 to 2007," Seng said. "The average age of light vehicles in the U.S. accelerated so much because we were coming out of the Great Recession back in 2008 to 2009 and new light-vehicle sales fell like 40 percent over a two-year period. Even during the recovery years there were fewer vehicles being sold, so that just accelerated the average age of the fleets in the U.S."
For the first time, the analysis included a review of various regions around the country. The oldest light vehicles are in the West, at 12.4 years, an increase of 1.5 percent from a year earlier. The Northeast had the youngest light vehicles at 10.9 years, which increased 1.1 percent from a year earlier. Weather and road conditions, driving habits and household finances and affluence can have a major impact on the average age of vehicles in a state and region, IHS said.
IHS Markit found that the number of older cars and light trucks is growing fast, with vehicles 16 years and older expected to grow 22 percent to 74 million from 2018 to 2023.
In contrast, there were less than 35 million vehicles 16 years or older on the road in 2002, according to the analysis.
Seng said the growing number of older vehicles on the road provides more repair opportunities for dealers and aftermarket parts providers that focus on automotive service repair beyond warranty coverage.
"There's many more older vehicles on the road than there was in 2002, which means there's going to be all different kinds of repairs -- oil changes, brake jobs and new wiper blades -- that's going to be done to that vehicle cycle," he said. "That's more revenue opportunities for aftermarket repair people."
Who likes tax deductible food? 🙋♂🙋♂ If you want to make sure you are deducting all of your business meals. Please read the entire article.