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Early End of Year Tax Tip 2012


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Early End of Year Tax Tip 2012

 

With the end of the right around the corner, we all need to think about any items, tools and equipment we are considering to buy in the near future and purchase those items before the end of year to maximize deductions for this year. If cash flow permits it, it is recommended that you act before the end of the year. As always, speak to your accountant to discuss this and other tax tips.

 

 

 

Couldn't agree with you more Joe! I do this every year during October after we look at where we stand once the 3rd quarter is done. This year with the two storms pushed us to this month. Account is headed to our shop Monday. With the management software we already can see much of what we need but depreciation needs to be taken into account.

 

Have a good Thanksgiving!

 

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  • Have you checked out Joe's Latest Blog?

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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