Please join me for an important webinar on how to keep your practice’s cash flowing while we all emerge from this pandemic.
Friday, September 4 2:00 PM Eastern
Here is What You’ll Learn
Why taking action now may save your practice
The Bureau of Economic Analysis has reported the the US personal savings rate has surged by more than 33% in the last few months and the stock market is at almost unprecedented highs. Whether it is through reduced consumption or stimulus, people have money right now. Some of it rightfully belongs to you, and it is the right time to go get it.
How to avoid paying high collection percentages
We will discuss the “dirty little secret” of the collections industry that most certainly has you paying too much to get your money collected.
How to collect more money, while spending less
Your cash flow is the lifeblood of your practice. Without adequate cash flow, especially in today’s environment, your practice cannot survive. You will learn how to manage your receivables AND save staff time as well.
Learn the 4 Patient Payer Types
Learn why certain patients do not pay on time, and how to motivate them to pay their bill, without ruining vital patient relationships. We will discuss 4 distinct types of patients payers and how they can be motivated to pay on time and educated to never pay late again.
I recently had the opportunity to join Dr. Howard Farran for a recording of the “Dentistry Uncensored” podcast at his studio in Phoenix, AZ. We spoke of all things concerning cash flow in the dental and oral surgery practice.
If you are have difficulties or questions about your practice’s cash flow, or would be interested in learning how your cash flow can be improved, contact me for a no-cost, no-obligation Cash Flow Checkup.
While a bank loan might be the first thing you think of when you need cash for your business for capital improvements or to cover a slow season, there are alternative choices to consider that can be just as strategic—maybe even more so. Merchant Funding is one of them.
Utilizing Merchant Funding, a business owner can receive a lump sum of capital in exchange for a certain amount of their business’ future sales. Merchants utilizing this as their best financing option reap plenty of benefits.
1. The application
process is easy.
For starters, applying
for merchant funding is quick and easy. More often than not, you can fill
out a short, simple application, providing specific information and
documentation pertaining to your business, such as your Business ID and recent bank
statements. This shouldn’t take long to complete, and most providers will
respond within 48 hours. Such a simple process lets you stay focused on your
business, rather than being swamped with hour-long applications that don’t lead
to any replies, while still having the opportunity to receive funds.
2. It gives you access to
capital, quickly.
If your application is
approved, you could receive the capital from your provider in less than one
week. Obtaining these funds in such a short amount of time enables you to start
putting money back into your business and improve cash flow.
For example: Some
merchants choose to invest in new advertising campaigns in order to reach more
consumers, while others use the cash to purchase updated equipment to improve
internal efficiencies or to cover payroll.
Those are just a few possible
ways to utilize your newly acquired funds. You could also give your workspace a
much-needed facelift. Or maybe paying off outstanding debt is what you’re
focused on–and words cannot describe how good it feels to become debt-free.
3. Your credit won’t be
affected.
Securing a merchant cash
advance won’t negatively affect your business’ credit. This is because you’re
not taking out a loan, but instead, simply selling future credit card sales for
capital. As a result, you won’t have to worry about making monthly payments.
Plus, many providers don’t use your FICO score as qualification, so you won’t
need to spend time trying to improve your credit before applying. In fact, the
newfound funds from a merchant cash advance can improve your credit if you use
it to pay off debt.
4. You won’t be as
stressed.
Although owning a business is extremely rewarding, it comes with great responsibilities, too. This can be stressful, especially if you’re tight on cash. Merchant Funding help alleviate some of these pressures, thus lowering your stress levels. Eliminating financial stresses will enable you to endcjoy your job again and remember why you love being a business owner.
Contact Me Directly
I can help you determine very quickly how much quick cash you could receive. To get pre-approved, or just get more information, contact me directly.
“Streamlined” is an adjective most people wouldn’t normally associate with debt collection. B2C or B2B debt collection can be fraught with challenges, and it isn’t always straightforward. Yet developing a streamlined solution to debt collection is essential for businesses in order to keep cash flow positive and ensure the business always has sufficient working capital.
When you can’t collect on what people owe you, business becomes more complicated. Not only do you have to pursue that debt so you can collect what you’re owed, you may have to deal with complications like bumpier cash flow and lower working capital. In other words, problems from uncollected debt ripple outward, potentially affecting your entire business.
Debt Collection Get Results While Protecting Your Brand
Streamlined debt collection services exist, and the best ones not only collect the money people owe you, but they also do so with utmost attention to protecting your brand, your data, and your customer’s data. Many small and medium enterprises simply don’t have the personnel and time necessary to devote to creation of a streamlined debt collection process.
Brand protection is essential in the internet age, when people regularly do online research before choosing products and services. For B2B business in particular, brand protection is essential during the process of B2B debt collection, because business relationships have enormous influence on reputation and the ability to succeed long term.
Accounts Receivable Management Can Prevent Debt Collection Problems
One way to streamline your debt collection process is to prevent the need for it in the first place. However, managing accounts receivable (AR) is a big job, and many small and medium enterprises don’t have a designated AR officer who can focus on this crucial responsibility.
Fortunately, there are debt collection specialists that offer a range of services, including AR management, and this alone can streamline debt collection for small businesses without a designated AR officer. And when the same debt collection specialist has to deploy more traditional debt collection techniques, they’re prepared to act without delay.
Pre- and Post-Charge Off Services Help Maximize Revenues
Pre-charge off debt collection is an excellent first line of defense in debt collection. Early intervention is essential when pursuing debts, because the likelihood of collecting decreases with every day that passes. When your debt collection service pursues early debt recovery, the result is fewer delinquencies and defaults, and maximum cash directed back into your business.
Post-charge off debt collection is more challenging, but if your debt collection provider has experience in this process, you can minimize losses due to unpaid debts and help ensure healthier cash flow. With technological tools that allow faster skip-tracing, your debt collection specialist can more quickly locate the correct party and accelerate recovery of even the most challenging cases.
It’s not easy for small and medium enterprises to stay on top of AR management and debt collection, yet these processes must be managed well to ensure good cash flow and sufficient working capital.
Contact Me Directly
For more information on streamlining the debt collection efforts for your business or medical/dental practice, contact me directly.
One of the largest changes to tax code since 1986 was passed in 2015, and these changes directly affect real estate owners and investors. These regulations are extremely taxpayer friendly, but most owners and investors are not aware of them. They are called the Tangible Property Regulations (TPRs), under code section 263a (1-3). The regulations put all the past court cases and past regulations into one single code that also contains a few interesting twists.
WHAT ARE THE TPRs?
The TPRs clarify which expenditures and repairs on buildings can be written down and which must be depreciated over 39 or 27.5 years. It is very advantageous for the building owner or investor to write down as many repairs as possible. This is because they not only receive a one-time expense of the entire expenditure but will also have reduced capital gains upon the sale of the building.
Generally,
they are as follows:
The
expenditure (or renovation) can be expensed if it meets these criteria:
done more than two years
after purchase
did not make the component
being repaired or replaced materially better
affected less than 33% of all
the like components.
IRS SAFE HARBORS
There are also three Safe Harbors which allow certain expenditures to be expensed without IRS scrutiny.
The De Minimis Safe Harbor is
for expenditures under $2500.
The Small Taxpayer Safe
Harbor covers many expenditures on buildings with a purchase price of under $1
million.
Routine Maintenance Safe
Harbor is for expenditures to keep the building in its normal operating
condition which will also have to be repeated at least once in the subsequent
10 years.
POTENTIAL REVERSALS
The amazing opportunity is under code section 481A, if past expenditures (not De Minimis or Small Taxpayer) which are currently being depreciated would not be depreciated today, (based on the regulations), they can be expensed in the current year.
So, the regulations will positively affect the building owner or investor moving forward but in addition can create a permanent tax deduction right now.
CONTACT ME DIRECTLY
For more information on the Tangible Property Regulations and other cash-flow producing and tax-saving strategies for property owners, contact me directly.
Personal injury cases are taking longer than ever to settle, 18-22 months in some cases and possibly much longer. Many of the medical providers I speak with tell me that it takes WAY too long to get paid on their personal injury liens and LOPs (Letters of Protection). This causes serious cash flow challenges and excessive staff time needed to continue to monitor the status of cases and negotiate the reductions often requested by attorneys on the case.
If you treat personal injury patients on a lien or LOP, chances are you are facing the same kind of challenges to both your cash flow and staff time.
Get Paid Sooner, Not Later
I am now working with a firm that specializes in helping medical practices like yours get paid or treating personal injury patients. They purchase medical liens. This allows you to receive your payment sooner, and they work, and negotiate, with the attorneys to receive payment at the end of the case. Regardless of how the case ultimately resolves, you will have been paid for your services and relieved of your payment risk.
What’s In It For You?
Benefits of working with Velocity Medical Receivables Solutions, LLC.
No cost or financial investment required for the medical provider
Predictable cash flow on future receivables
Removal of payment risk
Money in advance of case settling, no waiting for cases to resolve
Confidence in accepting more personal injury cases knowing you won’t have to wait for your payment.
Let’s Talk!
I would love to show you how you can turn your waiting on personal injury cases into regular cash flow.
Let’s talk! Schedule a quick conversation about your practice at your convenience by CLICKING HERE.
See other ways that Cash Flow Strategies, Inc. can help you improve your practice cash flow by visiting our web site by CLICKING HERE
Most of us like to spend as little time as possible with our CPA. Our once a year meeting is plenty and we try to keep it as short as possible. Who really likes to talk about how much money the government is going to take from us this year?
Proactive or Reactive?
Your choice of CPA can have a huge financial impact, and I’m not speaking of the fees that your CPA charges you for doing your taxes each year. Many CPAs operate reactively, simply accepting the documentation you send to them and preparing your taxes. But by the time you have put together your receipts, donations, W2s, and 1099s together for the year, you have likely missed out on many great ways to minimize your tax liability and preserve your wealth. You need to check your attitude toward working with your CPA, and both of you must take a proactive approach to your strategy.
The effectiveness of any CPA depends immensely on approach, timing and expertise when it comes to your taxes. It is vital for you to know what to look for when you are choosing a CPA. Failure to carefully choose will cause you to overpay your taxes, sometimes by a massive amount. The optimal CPA, using the correct resources, can potentially save you tens or hundreds of thousands of dollars or more.
Finding a CPA
When you look for a CPA, here is what you need to look for. The best CPA for you and your business will:
Be in regular contact with you regarding your standings and developments.
Consistently review your tax liability and manage it the best way possible within the tax code.
Have trusted advisors that can handle niche tax benefits and beyond.
Have a full knowledge of the IRS and be able to best represent you to them in case of an audit.
Be proactive in his or her approach, looking at all areas of your business to determine the best way to avoid unnecessary tax burdens.
For example, let’s say that you did your own accounting for last year and end up paying $25,000 in federal and state income taxes. If you had a CPA who simply accepts your information at the end of the year and files your taxes, he might charge you $1,000 and bring your tax liability down to about $22,000. Good deal, right? Hold on … maybe not such a good deal.
The US Tax Code
The good news and the bad news are the same. Our tax system in the United States is immense. It is almost 75,000 pages and growing all the time. As a result, there are thousands of intricacies, exceptions, rules and loopholes. It is far more than the average person could ever fully understand, and they are constantly in motion.
My Best Example
My dad was a CPA, and he always told me that “in order to be a CPA in today’s world, you need to be ‘ten miles wide and a foot deep’. What he meant was, you need to know a little bit about a lot of things, and you need to know people who understand, and can help you with, the things you don’t fully understand. He had a group of trusted advisors that could help him, and his clients, do the things that he couldn’t do well, and he used them. My father was one of the best CPAs I have ever known. His style was was not only proactive; he was relentlessly proactive. He also always told me that “Tax evasion is a crime, but tax avoidance is mandatory.”
It’s Not About The Fee
Your CPAs level of dedication is the crucial element. A CPA cannot possibly understand and execute on the complexities of the tax code. Anyone can have a long list of clients, a beautiful office, and a great personality. The long and short of the matter is the amount of time and effort that your CPA is willing to invest in ensuring that your wealth is managed in the best possible way. The fees that are charged by CPAs vary widely. There are some cases where you get what you pay for, but that isn’t always true.
What Makes The Difference?
A great CPA will bring in those who specialize in things like cost segregation studies for their clients who own, or renovate, commercial or investment property, or to identify R&D tax credits, retraining or other innovative tax credits for which you may qualify. There are unique little-known tax strategies that cover all different markets, so to expect that your CPA will know how to use them for all industries is just not realistic. But if you have a CPA you know who is willing to utilize all the methods at his disposal, you can rest easy knowing that your wealth is in good hands.
With the help of a solid CPA you could, possibly, get that original $25,000 in taxes down to somewhere closer to $10,000 plus a few thousand or so to free yourself of the stress of managing your own taxes. THAT’Sa good deal!!
What you can do
If you don’t feel that your CPA is doing EVERYTHING possible to help you save on taxes, chances are very good that he or she is not. If someone is overseeing your finances, you should feel comfortable, informed, and confident in that relationship. Your taxes, your money, and your future is at stake.
I work with a large network of proactive CPAs across the United States. I am confident in the ways they deal with their clients and the taxes they pay. I’d be happy to introduce you to one or more of these great people to help you. Just give me a call or email me. I’m happy to help.
The first rule of business is to stay in business, and businesses need cash to operate. Every successful business keeps a close eye on cash flow for this reason. There are many tax-saving advantages for those who own or have improved commercial properties through tax law. If you own or lease commercial or income producing property and you are not taking advantage of all that US Tax Code has to offer, you are actually diminishing cash flow.
Let’s look at how your business can easily increase its cash flow by using the cost segregation method of depreciating your building.
Cost segregation is a way for commercial property owners to accelerate their building’s depreciation, saving significantly on income taxes. Within the first five years of building ownership, an owner can save up to $100,000 for every $1 million in building costs. To maximize cash flow, an owner or lessee who has paid for improvements can have a cost segregation study performed.
At CSSI, we perform an engineering-based study to ensure you comply with US Tax Code rules and regulations. Our team of specialists will segregate parts of your building that are deemed non-structural. Non-structural items include carpeting, flooring, cabinets, specialty lighting and electrical, etc. These and other non-structural items are placed in accelerated tax lives. After the analysis, your CPA will adjust your depreciation schedule from the conventional 27.5-/39-year schedule to a 5-, 7-, 15-, and 27.5-/39-year schedule.
A cost segregation study reduces your taxable income and results in lower taxes paid. Using this cash surplus to reinvest in your business or pay down debt is a great way of maximizing the time value of money.
At CSSI, our tax experts will help your business generate more cash flow through an engineering-based study. In some cases, the calculations from our study can be necessary to realize benefits from the 2014 Repair Regulations and the 2017 TCJA. Contact us today, and we can provide you with a no-cost preliminary analysis, and we can facilitate a discussion with you and your CPA or tax professional.
Contact me directly at 770-224-8504, or schedule a conversation with me by clicking here, to see how much you can add to your cash flow this year. There is, as always, no cost or obligation.
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.
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
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.
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.
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.
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.
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.
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.
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?
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!
Call me directly at 888-780-1333 or email me at david.wiener@cashflowstrategies.us for more information.
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