Think like a lender before applying for a business loan
As your business pushes forward, you may find yourself in need of cash. Before applying for a commercial loan, think like a lender to be as prepared as possible and know for sure that the loan is a good idea. Basically, a lender wants to know four things: 1) how much money you need, 2) what you’ll use it for, 3) when you need it by, and 4) when you’ll be able to pay it back. Discuss these questions thoroughly with your leadership team. Also consider the three C’s of your company: character (strength and reputation of management), capacity (soundness of your finances and financial plan) and collateral (viable assets to back the loan). Contact us for help with the loan process.
Claiming a theft loss deduction if your business is the victim of embezzlement
If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for the loss. Keep in mind that a deductible loss can only be claimed for the year in which the loss is discovered, and that you must meet other tax-law requirements. Keep records to substantiate the claimed theft loss, including when you discovered the loss. If you receive an insurance payment or other reimbursement for the loss, that amount must be subtracted when computing the deductible loss for tax purposes. Contact us with any questions you may have about business theft and casualty loss tax deductions.
Four Biggest Staffing Issues in the Maintenance Department
Maintenance requires workers that are flexible, diligent, and, above all else, skilled in what they do. Finding the right person to do the needed job has always been tricky in the maintenance industry, even at the best of times. The COVID-19 pandemic has turned work on its head, with old paradigms being shattered for employers […]
Unemployment Eligibility Changes Could Mean Opportunity for Manufacturers
More than 500,000 Michiganders will be more highly motivated to seek work soon as several federal unemployment programs end. This signals an end to what has become a major impediment to the return of the full workforce in the wake of the COVID-19 pandemic and a potential opportunity for Michigan manufacturers looking to hire. As […]
The Manufacturing Confusion: Process Versus Project
For years the industrial sectors, no matter how specific and nuanced, have conducted a battle of process versus project. Process came into focus 30 years ago when lean manufacturing became the rage. It was not a fad because the notion of efficiency, eliminating waste and best practice made sense then and still makes sense today. […]
5 questions to ask about your marketing efforts
For many businesses, marketing requires a leap of faith that the benefits will outweigh the costs. Here are five questions that can help determine whether you’re on the right track: 1) What do we hope to accomplish? Identify what success looks like. 2) Where and how often will we spend the money? Choose which avenues you’ll traverse and the mix of recurring activity versus “one off” initiatives. 3) Can we track sources of new business, leads and customers? The right software can help. 4) Can we gauge brand awareness? Find ways to measure the impact of marketing efforts. 5) Are we prepared for an increase in demand? You might “suffer from success” if you can’t satisfy all your new customers!
You can only claim a casualty loss tax deduction in certain situations
In recent weeks, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. Unexpected disasters may cause damage to your home or personal property. The rules for deducting personal casualty losses on a tax return have changed through 2025. Specifically, taxpayers generally can’t deduct losses unless an event qualifies as a federally declared disaster. (The rules for business or income-producing property are different.) Another factor that now makes it harder to claim a casualty loss is that you must itemize deductions. Through 2025, fewer people will itemize because the standard deduction amounts have been greatly increased. Contact us if you need help.
Want to find out what IRS auditors know about your business industry?
To prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” These guides are available on the IRS website. So your business can use them to gain insight into what the IRS is looking for in terms of compliance. Many ATGs target specific industries, such as architecture, art galleries and veterinary medicine. Others address issues that frequently arise in audits, such as executive compensation and passive activity losses. The IRS has revised or added new guides this year, including for construction and retail. For a complete list of ATGs: http://bit.ly/2rh7umD
Self Storage Rents Continue to Break New Records
Thanks to heightened demand sustained by the pandemic, the self storage sector continued to showcase strong performance through July. On a year-over-year basis, street-rate rents increased 10.4 percent for the average 10×10 non-climate-controlled units, to $127, while climate-controlled units of similar size recorded a 12.4 percent uptick, reaching $145. National street rates also experienced strong […]
Supreme Court Overturns Eviction Ban
On Thursday evening, the U.S. Supreme Court overturned the Biden administration’s order extending the pandemic-related eviction moratorium issued by the Centers for Disease Control and Prevention (CDC). The summary judgment states that the CDC had overstepped its authority by imposing the moratorium, which would have expired on Oct. 3. The decision means that evictions, in states or […]
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