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December 2008
Tax Strategies for Dealerships in Uncertain Economic Times
By Daniel Flugrath, CPA, CFP (dflugrath@mbafcpa.com)
Auto dealerships will be facing serious challenges in 2009 as they attempt to maintain sales and profit levels amid an economic downturn. More than in most years, it will be vital for dealerships to understand all the tax benefits that are available under the law as 2008 comes to a close. In their year-end tax planning, dealerships can help maximize this year’s achievements while positioning themselves for the financial tests ahead in 2009.
Dealerships can benefit from several significant tax changes that became law in 2008. This article will provide details on a new 50 percent bonus depreciation for assets placed in service, and will review several additional 2008 changes.
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| Tony Argiz, CPA/ABV, CVA, ASA, CFE Managing Partner targiz@mbafcpa.com |
Ira Silver, CPA |
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Marc S. Dickler CPA |
Mark Thaw, CPA/ABV, CVA Partner mthaw@mbafcpa.com |
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Manuel Rodriguez, Jr., CPA |
Phil Villegas |
The purpose of this newsletter is to provide general information on tax, audit and other issues related to the automobile dealership industry. The information contained herein may not apply to all businesses or organizations and their specific circumstances. Dealerships are encouraged to consult directly with an accounting expert before making tax and accounting decisions.
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