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This section provides users with important information to keep in mind when reporting taxes for your automotive business.
Form Who must file? Any transactions conducted between a payer or its agent and the recipient in a hour period are related transactions.
Transactions are considered related even if they occur over a period of more than hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions. You, as the filer, should keep a copy of each Form for 5 years from the date you file it.
File Form by the 15th day after the date that the cash was received.
If that date falls on a Saturday, Sunday, or legal holiday, file the form on the next business day. Provide a written statement You, as the filer, must give a written statement to each person named on a required Form on or before January 31 of the year following the calendar year in which the cash is received.
The statement must show the name, telephone number, and address of the information contact for the business, the aggregate amount of reportable cash received, and that the information was furnished to the IRS.
Keep a copy of this statement for your records. A change in your accounting method includes a change not only in your overall system of accounting but also in the treatment of any material item.
A material item is one that affects the proper time for inclusion of income or allowance of a deduction. Installment Method If you finance the purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale.
It is not an installment sale if the buyer borrows the money from a third party and then pays you the total selling price. Read more about installment sales in the Installment Methods Tax Tip.CBT Automotive Network is a highly targeted, multi-media platform for retail automotive professionals.
With digital channels including a daily newscast, informative website, daily eNewsletters, a monthly magazine, webinars and 9 network shows hosted by the industry’s top trainers and thought leaders.
AFC helps independent automotive dealers expand their businesses by providing inventory finance solutions and key operations-related services. With more than locations, AFC is one of the largest floorplan providers in North America and offers unmatched local access and customer service.
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Three Parts: Designing a Business Plan Opening Your Store Expanding Your Business Community Q&A If you are interested in opening your own car repair shop, now is a great time because the market for mechanics is currently experiencing significant profit gains%(29).
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