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The Cost Segregation Estate Planning Strategy

12 Oct

estate-planning

If someone dies owning commercial or rental residential real estate, a highly effective tool for reducing the tax burden on the estate might be a cost segregation study.

When a property owner dies. their heirs receive a step up in tax basis to the current fair market value of the property.  Any recapture that the decedent would have been required to pay upon the sale of the property is forgiven.  Using an engineering-based cost segregation study to accelerate the depreciation on the  pre-stepped up cost basis provides a windfall of immediate tax deductions that are never recaptured on the sale.  The estate must, however, act very quickly to take advantage of this benefit.  The study must be conducted and implemented before the due date of the decedent’s final income tax return.

Commercial buildings are normally depreciated over a 39 year period, and residential property is depreciated over a 27.5 year period, straight line.  An engineering based cost segregation study uses accounting and engineering principles to identify non-structural building components that can be depreciated over a much shorter time period (5,7 or 15 years)

The studies do not generally increase the amount of deductions over the life of the property.  By accelerating the depreciation, they generate net-present-value savings.

When this type of study is used in an estate-planning context, a cost segregation study can substantially reduce or eliminate taxes owed on the decedent’s final federal income tax return.  It also avoids a potential disadvantage, namely recapture.

Timing is everything

It is not necessary to perform the cost segregation study before a building owner’s death, but it is vital to complete and implement it before the decedent’s final tax return is filed.  If the deadline is missed, the opportunity is lost, as the benefits of a study cannot generally be claimed on an amended return.

To preserve and maximize the benefits of this strategy, it is vital to identify the opportunity early and to work with a reputable, experienced cost segregation firm that has the experience in implementing this type of strategy.

CSSI – Cost Segregation Services Inc. is the premier cost segregation company in the US.  With over 20,000 studies performed and not one IRS audit caused by our studies, we can help you in all ways to maximize the benefits of an engineering-based cost segregation study.

Contact me today for further information.

The Secret Sauce to Success in Property Management

19 Sep

Source: TSI

property management

The property market will continue to be volatile in 2019.

The ups and downs of the real estate market could make anyone shudder. Technology has added an interesting influx to the mix, and in both residential and commercial real estate, software has proven to be a big disruptor. Despite the swirling chaos in most markets around the country, there are a number of trends that savvy real estate agents, property management, and homeowners’ association management companies will be able to look toward to improve their business. This article will take a look at a few of them.

Property Management Trends 2018/2019

For investors just looking to get into the property management game, we have a few strategic tips that should govern your expansion into the marketplace.

The first trend is that overall market volatility will continue. In large markets, there is an overwhelming need both for new housing and affordable units. This is always a risky venture, but particularly in light of consumer trends that show consumer debt is expected to increase to $4 trillion in the United States by the end of this year. A corresponding increase in defaults should also be expected. This elevates risk for property management firms.

The second trend to mention is that investors, particularly new entrants into the real estate market, should set clear investment goals with a measurable ROI. This is particularly important in light of increasing market volatility and predicted consumer debt. If 2019 brings higher loan defaults on everything from student loans to housing debt, this will put increasing pressure on investors’ cash flow. Setting long-term investment goals that include a specific market rate of return will be important for anyone capitalizing on the real estate industry in the future. This includes mapping out accounts receivables and a clear process for handling past due collections.

Predictive analytics will play a part in the future of buying and selling properties.

The third trend is, of course, technology. Not only will technology continue to impact real estate marketing, it will change how we collect fees, negotiate, and communicate with our patrons. The Close suggests some tech-centric trends that we’ll see as we near the end of 2018 and move into 2019:

  • Online platforms like Zillow will leverage new and existing relationships with real estate agents, property managers, and investors.
  • Mobile-first will be the new strategy for just about everyone in every market niche – not just real estate. It seems new strategies for bill payment, property maintenance requests, and past due collections, are all moving to the smartphone, which is exactly where our customers now live. When you realize that a millennial checks their smartphone an average of 150 times a day, you’ll start to understand why new real estate strategies tied to these devices will impact every area of your business in the future. Enabling smartphone payments as part of your rent and past-due collections process is a necessity for the future.
  • Big data will impact all areas of our lives. We already use big data algorithms for lead generation, appraisal, and investment purchasing decisions. But what about big data to determine the ability and likelihood of a past-due debtor to bring their account current? Predictive analytics will likely worm its way into the real estate market in new and interesting ways in 2019.

In 2019, digital trends will continue to impact the property market in the United States. The secret sauce to success will continue to be developing new strategies to capitalize on these trends to achieve market success.

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Wanting to maximize your recoveries on past due rent or fees? TSI has made extensive investments in our information security, compliance controls, and data analytics to make sure we stay ahead of the curve and provide the best possible solutions for our clients. CollectX, our proprietary data analytics platform, is a great example of our investments. This unique tool tells us how likely a consumer is to pay off a debt and what it will take to get them to pay it, which in turn, provides our clients with more recovered revenue, faster, and at a lower overall cost.

Contact me today at 888-780-1333 to see how we can improve your business bottom line.

4 Tax Tips For Commercial Building Owners

13 Sep

Recently, the regulations for commercial property owners were overhauled in one of the most dramatic changes to the tax law in years.  The Tangible Property Regulations in conjunction with the Tax Cuts and Jobs Act have major economic benefits for building owners as well as some serious compliance issues.

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Properly applying these new U.S. tax code standards can help you capture economic opportunities to the tune of millions in tax savings that flow from your business to your personal taxes.

I would be happy to work with you and your tax professional to make sure you are taking the greatest advantage of these new tax laws.  CSSI, a company that I represent, can be your calculation experts for the following

  1. COST SEGREGATION – The U.S. tax cost method of identifying and classifying building components that allow you to accelerate depreciation and generate additional cash flow. An engineering-based cost segregation study is the basis for allowing you to capture many of the tax saving opportunities below and it helps you maintain U.S. tax code compliance moving forward with these regulations.
  2. BUILDING SYSTEMS VALUATION – An engineering-based study that will identify building systems and structural components.  Going forward every expenditure cannot be expensed.  The new regulations give very specific instructions on whether expenditures should be capitalized as an “improvement” or expensed as a repair.  We will provide the calculations that your tax professional will need to make these important decisions.
  3. CAPITAL TO EXPENSE “REVERSAL” OPPORTUNITY – Building owners may now expense previously capitalized costs and expense them in the current year by applying the new regulations to prior years.  For example, we helped a client receive $1.1 Million in tax savings on one of his properties through this method.
  4. PARTIAL ASSET DISPOSITION (PAD) – Renovate in the current tax year?  Thinking of an LED lighting upgrade?  A PAD allows you to write down the basis of what you removed and the costs for the removal and disposal of those items.  You can receive a tax deduction in the current year but it is a “use it or lose it” opportunity.  Fail to capture it in the current tax year and you lose the ability to write it down.  Both capital to expense reversals and PADs yield a permanent tax savings at the time of the sale by reducing recapture costs.

Let me provide you and your tax professional a no-cost, no-bligation analysis of the benefits you may receive and the cost for this type of study for your property.

Return the following information, and I will prepare your analysis immediately.

 

The Problem With Payment Plans

25 May

Medical and dental practices can increase their plan acceptance by offering payment plans to patients who cannot afford to pay the entire amount at once, but payment plans present numerous inherent problems.

Here is a solution.

 

Contact me at 888-780-1333 to learn more about this and other ways to increase your cash flow and bottom line for your business or practice.

Click Here to view other “Cash Flow Minute” videos and subscribe to my blog to receive all of the “Tips and Tricks” that I share about your cash flow.

Podcast For Business – Are You Getting Paid?

15 May

Are You Getting Paid with David Wiener – Podcast For Business

The serious problem businesses have with collections is real. And it’s not going to get better any time soon. Today’s talk with David will shed some light into the world of collections and offer some real solutions to businesses who are struggling with receiving payment for services rendered.  Listen to this important podcast by clicking here.

Contacts:
David Wiener
Phone: 770-224-8504
Website: http://cashflowstrategies.us
Twitter: https://www.twitter.com/mr_cash_flow
LinkedIn: https://www.linkedin.com/in/cashflowstrategies

Taming Your Cash Flow Before It Eats You Alive

23 Apr
Source – TSI  http://tsico.com

There are no shortage of “beasts” your business needs to tame in order to thrive in the marketplace.

Some might read that and think of scaling to meet the needs of a growing client base or managing difficult employees, but cash flow can be one of the biggest monetary monsters you can encounter as a business owner. This far-to-often overlooked financial factor can be contained as easily as it can go out of control. Take a look at these four simple, yet sound, principles for taming cash flow in order to make it your business’ best friend rather than an arch enemy.

Let’s discuss how to keep the cash coming in rather than rolling out.

1. Increasing Incentives to Deter Debt Collection

This might seem like a simple psychological trick, but it is an easy way to tame the cash flow beast. Adding incentives for clients who consistently pay on time (or, even better, early) and/or having consequences for clients who are tardy with the amount due will help you keep your cash flow steady and on time. Another way to ensure cash flow is to offer incentives to clients who decide to pay in full rather than installment payments. You can rest assured you get all the cash you need with only a minor deduction of a discount, or whatever incentive you choose. A small discount now is better than having to pay for debt collection later to support cash flow.

2. Cash Flow Cognizance: Being Present & Aware of Cash Flow

It’s your business, livelihood, and financial future. So, why wouldn’t you want to be as aware of and up-to-date with all of your cash flow details? Analyzing your monthly cash flow and keeping a more frequent check on accounts receivable will help you stay on top of delinquent payments from clients and reel in any out-of-control outgoing cash on your part. Knowledge is truly power, as it can be easy to overlook cash flow issues. Awareness equals accountability for you and for your accounts receivable.

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Being keyed into your cash flow is the best way to continue saving money instead of burning up revenue.

3. Be Crafty With Credit Cards

Utilizing credit cards in the right way is another simple way to tame your cash flow. Not only do credit cards provide you more time to make payments as it can take 1-2 months for money to be deducted from your company account, but you can increase your credit score over time to gain access to even more benefits from your credit cards. The number one thing to remember for this tip to be successful is that you must always pay the balance in full and on time to avoid even more cash out with extra interest fees or penalties.

4. Consider Your Taxes

Taxes are, unfortunately, unavoidable. You have to factor them in when analyzing cash flow. If you are not taking the cost of taxes into consideration, then you are not properly projecting your cash flow and will be doing yourself a disservice. Automatically set aside the taxes that you will need to pay out and don’t even factor this money into anything you could utilize as cash out for your business. Try to even save extra just to have a cash buffer. In tough times, a little buffer can go a long way. You can also check into any tax discounts and creditsthat could be applicable to your business, because who doesn’t like a little help from time to time?

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Stay educated on business taxation to continue to tame cash flow.

Keeping these cash flow tips and tricks in mind will help your business position itself for the most potential profit and the least unnecessary loss. There’s a lot more of these principles to be taught and we can help you learn more about how to optimize your revenue today! content?Action=tp&cid=45676

Call me directly at 888-780-1333 or email me at david.wiener@cashflowstrategies.us for more information.

Top Tech Trends Impacting Debt Collection

16 Apr

If your debt collection firm isn’t using analytics to predict consumer behavior you’re at risk of falling behind.

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It’s no longer surprising that digital technology has disrupted every industry, including debt collection. From new data-driven software to internet security and workflow automation, tomorrow’s debt collection firms will look nothing like the local Mom and Pop agencies still mired in workflows straight out of the 1990s.

This post looks at how tech is impacting the debt collection industry. Browser-based platforms and multichannel collections processes are enabling professional firms to contact debtors where they live — online.

Digital Debt Collection

Business Wire published a press release from Technavio recently citing their published report on some of the latest software trends impacting debt collection. The report suggests the following trends as drivers of new tech in debt collection:

  • Increasing pressure for CFOs in every sector to improve their bottom line – including accounts receivable.
  • A desire by most companies to reduce the amount they spend on debt collection, which is the impetus both for outsourcing the process and for debt recovery agencies to adopt new technology to cut costs.
  • Consumer trends that show us fairly addicted to cell phone technology and the internet.
  • Increasing regulatory requirements at the local, state and federal levels have created a need for software that automates the compliance process, which protects both the debt collection firm and their client.
  • The worldwide proliferation of malware threatening client data in transit and at rest.
  • The necessity of improving customer relationships even during debt collection.

These trends have spawned a variety of digital disruptors in the form of technology that has impacted what has been a fairly traditional industry. They include:

  • The rise of browser-based platforms focused on omni-channel collection efforts that include debt collection by traditional means (letters and phone calls), and now, if opted in, email, as well as easy-to-use online portals for debt repayment. This allows a consistency of communication to consumers, a greater opportunity for automation, as well as customer personalization that allows debt collection agencies to reach consumers in their preferred channel and with preferred payment options.
  • The introduction of sophisticated data analytics tools that allow debt collection firms to closely analyze consumer behavior and the market trends driving that behavior. These analytics can help debt collection firms cull out consumers that will be more likely to pay all or a portion of their debt.
  • More stringent data security protocols and procedures to help keep consumer data safe from nefarious attacks.

Debt collection agencies must continue to embrace technology to stay competitive while leveraging data analytics to improve their efficiencies, stay compliant with applicable law, and protect critical client data.

To find out more about how TSI’s technology can impact your accounts receivable, contact me directly at david.wiener@cashflowstrategies.us or call me at 888-780-1333.

Has Your Medical/Dental Practice Had It’s “Checkup?”

13 Apr

There are many things that can cause a busy medical or dental practice to be less profitable that it could be.

Meet Dr. Bob and how he found the answer to higher profits and better cash flow for his practice.

Funny Natural Health Video

11 Apr

Watch this funny video – do you feel like this sometimes!

funny health video

7 Top WordPress plugins For Bloggersplugins

11 Apr

There are many plugins that can be used on your website, but not all are really easy to install.

With the WordPress plugins, which I present below, you can easily and
quickly integrate them to earn you various sources of revenue.

1. Amazon Affiliate For WordPress
This is one of my absolute favorite plugins that is used for the Amazon
affiliate program. You do not have to resort to using the outdated
widgets of Amazon itself.
In addition to normal affiliate links or the output of individual
product information, such as the price, you can insert very fancy
product boxes , as well as widgets at your site’s sidebar.

2. Adiro InText plugin
Adiro is a service that displays links in the article text.With this , the website owner can earn certain amount.
It’s a bit like Google AdSense, but it works differently. In any case,
it’s an interesting alternative to try, especially if you have a lot of
traffic.

3. ADVANCED ADS For BANNER CIRCUIT

Bannering may not be as prevalent as it used to be, but with a
dedicated website and enough traffic, there are still many companies
that use banners to advertise.

For this, I use the plugin Advanced Ads on many of my blogs and
websites. The free version already offers many possibilities to display
banner ads.

4.Auto Affiliate links

This is used by affiliate marketers. Adding affiliate links to your
own website by hand can be stressful, especially when it comes to
general texts. In addition, the manual installation makes it difficult
to care for and adjust later.
With just a few clicks, you can provide individual items on the entire website with an affiliate link.
It’s work is very reliable and you have a few customization options. The plugin, Auto Affiliate Links, is free.

5.Google AdSense Official Plugin

Google AdSense is still one of the most popular sources of revenue among bloggers and website operators.
It works by pasting onto your site, adverts of advertisers. Installation
is relatively easy and Google reliably pays part of what advertisers
pay.Of course it’s free.

6.Online Learning Courses Plugin

Video courses and seminars are increasingly gaining ground everywhere.
A large provider in this area is Udemy , where you will find countless English-language courses.
For example, on programming, online business, app development, affiliate marketing and much more.
With the paid plugin Online Learning Courses, you can show Udemy courses very stylish and earn money as an affiliate.

7. Price Mesh

This plug-in is used to integrate price comparisons into your website.
If you want to make your online easier and more profitable, try these plugs and you will forever be grateful to me

best

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