Vacation home: How is your tax bill affected if you rent it out?
If you own a vacation home, you may want to rent it out for part of the year. The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, certain relatives and nonrelatives if market rent isn’t charged. However, if you rent the property out for less than 15 days during the year, it’s not treated as “rental property” at all. This can produce revenue and significant tax benefits. Any rent you receive isn’t included in your income for tax purposes. However, you can only deduct property taxes and mortgage interest (no other operating costs or depreciation). Contact us to help plan for the best tax results.
New per diem business travel rates became effective on October 1
Are your company’s employees traveling after months of virtual meetings? The IRS announced the fiscal 2022 “per diem” rates that became effective Oct. 1, 2021. You can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling. It’s a simplified alternative to tracking actual business travel expenses. The per diem amounts are based on rates set by the IRS that vary depending on locality. After Sept. 30, 2021, the per diem rate for high-cost areas in the continental U.S. is $296. For other areas, the per diem rate is $202. Some high-cost rates are only available part of the year in certain areas. To see all rates: http://bit.ly/3DYdqVE
Remind your sales team about the power of storytelling
Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful, fictional tales to […]
Navigating the tax landscape when donating works of art to charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of […]
2021 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]
Hidden Value: Where to Seek Value-Add Opportunities in Today’s Self-Storage Market
School supplies have been purchased and fall is in the air, both clear signs that summer is coming to an end. I’m not nearly as confident, however, that the self-storage run up in valuation is over. In the last 20 years, I’ve never seen market fundamentals so strong, and the current market is unique for […]
Increased Multifamily Market Activity Expected in Second Half of Year
The multifamily market continues on a positive trajectory, with investors returning to meet the needs of a growing renter population. According to Berkadia’s 2021 Mid-Year Powerhouse Poll, conducted in July with insights from nearly 180 investment sales brokers and mortgage bankers, 78% of the Berkadia professionals reported that they are optimistic that the number of […]
A Way Out of the Insurance Rate Mess
What are you doing to cut insurance expenses? Raising your deductibles? Paring back coverage? Shopping carriers? Increasing rents? Chances are, you’re doing all the above. Multifamily property insurance rates are surging. “Some carriers are leaving the market entirely. If they stay, they cherry-pick best-in-class portfolios and raise rates,” says Garrett Maloney, vice president at TBM Multifamily, […]
Dealing with Production Floor Talent Shortages
The rising unemployment rate is often a key topic in the political discourse in Washington. In April 2020, it reached a modern day record of 14.80 percent. But for manufacturers in America, and many parts of the developed world, the crisis is in reverse – acute labor shortages. The generational “skills gap” in manufacturing is […]
Is your business tracking website metrics?
Many people still visit websites to gather knowledge, build trust and place orders. A variety of metrics can tell a business whether its website is attracting good attention and generating revenue. One is page views, which simply indicates that a visitor has loaded the HTML file that represents a given webpage. Another useful metric is unique visitors. It identifies everyone who comes to your website, counting each visitor only once regardless of how many times someone visits. Bounce rate is also critical. It indicates when a visitor quickly decides to leave your website without performing any meaningful action. Contact us for help managing your company’s technology costs.
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