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Let Us Help You Keep More of Your Money

August 10, 2017
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Five Places Where Spending More can Make You More

It’s generally a good idea to keep overhead costs low so that your business profits will be higher. This is especially true with items such as utilities and rent. But there are times when increasing expenses pays off nicely, and here are five areas to consider so you can reap the rewards.

Training -

Whether it’s for you or your staff, good training can pay back for years to come. Learning new skills, no matter what our crafts are, will keep our businesses from becoming stagnant. Implementing what we learn will help us grow. Continue Reading →

August 4, 2017
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Depreciation

Hello everyone, I was talking with a lady yesterday who’s business bought a new warehouse. I was asking for the cost of the land, building. Then I asked what was inside the building when you purchased it. Maybe I said it wrong or maybe it  is that people do not understand depreciation.

So today I want to explain why you want to separate the building from the carpet, furniture, computers and other equipment.

When we depreciate a property we use a formula to figure out how long the item will last.  In the case of a building, the IRS tells us to use 27.5 years for residential rental property and 39 years for a commercial building.

Desks and fax machines for example is 7 years while carpeting, furniture and computers is 5 years.

If you purchase a commercial property for say $100,000 and you depreciate the whole thing all together it will take 39 years before you have taken the value of the carpet off your taxes. By then the carpet has or should have been replaced. Why not depreciate the carpet by 7 years instead of 39. The technical term for this is “cost segregation” and it is legal for you to do this.

If you want to lower your taxes give us a listing of what is in the property that was include in the purchase price, so we can get you the most deduction.

I have prepared a list for your use. You will find it Here.

August 1, 2017
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Did you file an Extension for your tax returns?

Please keep in mind that if we filed an extension for you, you have until October 15th to file the returns. Just so you know we have around 25 extensions we filed. Please try to get me your return information by September 1st so I will have enough time to complete your return by October 15th. Thank you.

July 29, 2017
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Summer is in Full Swing

Yes I am sure you have your favorite places to travel to during the summer months. If you are traveling only for fun then you can not deduct any of the cost on your taxes.

If you invest in real estate or want to why not buy where you like to travel? Then you would not only be traveling for fun but also to check on your investment. Now that is a tax deduction. You can take your miles, hotel and meals off on your taxes. The rule is that you need to spend at least 50% of your time on business. You could meet with the rental management company. Look for more investments, and of course drive by and see what your property looks like.

Or depending on the type of business you have you can look for clients in the area. This will allow you to take mini vacations through out the year.

Or maybe you are a travel agent, how can you sell a trip package if you have never taken it? Deductible.

Make an appointment today to talk to me about how you can make your vacation spot a business deduction.