(At Wolgast's request, CPA, Andrew Rose of Rehmann's Commercial Industry Group, generously shared the following expert insight into Cost Segregation to help guide our clients to find tax savings in their building.)
As the economy rebounds, businesses are becoming more profitable. At the same time, higher individual taxes are placing a financial burden on business owners. If you’re looking for ways to reduce taxes and boost cash flow, consider a cost segregation study.
I caught a rerun of Family Feud on GSN recently and the question was posed, “What profession has no room for errors?” They featured seven possible answers. I automatically thought of physicians, which was the top answer. After that, it became a little tougher. Police officer was up there, but neither pilot nor bus driver were. So what else could it be that 100 American people thought? I was on the edge of my seat to find out. Then they said it, "Construction"! Of course, being in the industry I know this, but I didn’t know that the majority of people on Family Feud would have thought of it.
Dentists sometimes put off improvements to their building space due to the anticipated disruption of their business. Determining how to remodel their office or relocate to a new space when a practice can’t survive without an active patient load can feel like a big risk. However, I’m here to tell you that it's possible to remodel, renovate or relocate with minimal impact to your practice when you use a professional contractor.
In a competitive bid situation, contractors can go to the extremes to lower their bids, especially when work opportunities are scarce. In the end, a business owner may like the price, but may not like the final results.
We have had all kinds of business owners from varying professions ask us about using a pre-engineered metal building when they’re fact finding about new construction for their business. We tell them a general rule of thumb to consider is that metal buildings are best for businesses that want an industrial look, or have a big enough budget to dress up a pre-engineered building with brick or EIFS (for example) to mask the industrial façade.
In your marketing plan you’ve probably included a budget for advertising, special events, direct mail, tradeshows, logoed goods, internet and social media to name a few, all in order to drive traffic to your business. One thing you may not have considered is the role of your building and how it can drive traffic to (or away from) your business.
In light of our staff architect, attending the Health Facilities Planning Seminar this month, I thought it was timely to discuss what makes a contractor specialized in medical office construction. To some people, all buildings with walls, floors and a ceiling are the same and the contractor shouldn’t make a difference when constructing it. While I believe that it always matters who the contractor is and how professional and customer service oriented they are, obviously, most any contractor can build simple buildings (how much hassle you want to deal with is up to you). However, a medical building is not a simple building. The healthcare industry is highly regulated and uses a plethora of specialty equipment or med gases each with its own requirements. Plus whether you’re dealing with a Patient Centered Medical Home or a surgery or endoscopy center, it’ll be easier to successfully achieve your goal
Adding a new, complementary service to your existing business structure can help increase your revenue during your regular business hours. This is especially helpful for businesses that feel they have reached a maturity or decline stage.
It makes a lot of sense that your building emits an attitude and gives a first impression that reflects your corporate culture. Immediately, visitors are assuming things about your customer service, quality, competency and staff when they come in your parking lot. So why is it that some business owners aren’t aware of the message their building is sending?
