179D Tax Credits

10 Apr

What are 179D tax credits?

Section 179D, part of the Energy Policy Act of 2005, represents an enticing tax incentive available to building owners who focus on energy efficiency in their commercial properties. While often referred to as a tax credit, it’s technically a tax deduction, reducing your total taxable income rather than your tax payments directly.

Why were they instituted?

The institution of these deductions had two main motivations: to reduce energy consumption on a large scale by offering attractive incentives for energy-efficient commercial buildings; secondly, to stimulate economic growth and job creation within the energy sector. In essence, it’s a call to building owners to play a part in saving the planet, while saving some money too!

Benefits of the 179D credit

Going green with your buildings has some clear perks. Primarily, the tax deductions are a real boon, offering substantial cost savings. A deduction of up to $1.80 per square foot is possible if specific energy-saving targets are met. And it’s not just immediate tax savings – the building’s running costs can also decrease thanks to optimized energy use.

All this while contributing towards a cleaner environment and potentially driving up your property value thanks to modern, energy-efficient infrastructures.

How can a building qualify for them?

Qualification involves a few key steps:

Commercial Buildings: Any commercial properties can potentially qualify, regardless of size.

Energy Savings Targets: Your building needs to meet energy-savings targets as per the standards set by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).

Certification: You need a qualified third-party to provide certification, stating that your installation achieves the required energy savings. This will include detailed energy modelling and an on-site inspection.

Conclusion

In wrapping up, the 179D tax deduction can offer invaluable returns for business owners willing to invest in energy efficiency. Not only could it significantly cut down on your tax liability, but the long-term energy savings and potential increase in property value are also salient benefits. I can help you to make sure you meet the latest ASHRAE criteria and to guide you through the detailed processes involved. Contact me for a free analysis.

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Cost Segregation and Bonus Depreciation: The Secret Weapon for Real Estate Investors

7 Feb

Let’s talk about two of the most powerful financial tools that you need to know about if you want to maximize your profits and stay ahead of the game as a real estate investor. These tools are Cost Segregation and Bonus Depreciation, and they are the secret weapons that successful real estate investors have been using for years.

What is Cost Segregation?

Cost Segregation is a tax strategy that involves identifying and separating the different components of a real estate property. By doing this, you can take advantage of shorter depreciation schedules and lower your tax bill. This is because the tax code allows you to depreciate different components of your property at different rates. For example, the land on which your building is situated cannot be depreciated, but the building itself and the personal property inside it can.

By taking advantage of cost segregation, you can reduce your taxable income, freeing up more cash flow that you can then reinvest into your business. The bottom line is, if you’re not using cost segregation, you’re leaving money on the table.

What is Bonus Depreciation?

Bonus Depreciation is another fantastic tool that real estate investors can use to lower their tax bill. This tax break allows you to immediately write off a large portion of the cost of a new building or the cost of qualifying improvements to an existing building. This means that you can save a lot of money on taxes up front, allowing you to put more money back into your business.

The combination of cost segregation and bonus depreciation can be incredibly powerful. By taking advantage of these two tax breaks, you can significantly reduce your tax bill, freeing up more cash flow that you can then reinvest into your business. This will help you to grow your wealth faster and achieve your financial goals more quickly.

Don’t Miss Out!

In conclusion, cost segregation and bonus depreciation are two of the most powerful financial tools that real estate investors have at their disposal. If you’re not using these tools to your advantage, you’re leaving money on the table. So, take action today and start taking advantage of these tax breaks to maximize your profits and grow your wealth. Remember, you’re in the real estate game to make money, and every penny you can save on taxes is a penny that you can put back into your business to grow your wealth even faster! Contact me for more information or to receive a free estimate on your property.

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
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Email me at David.wiener@cashflowstrategies.us

If you have a business that was impacted by the COVID19 pandemic and associated lockdowns and supply chain disruptions, please see my article about the Employee Retention Credit, even if you were told that you do not qualify.

Why Are We So Afraid of Failure?

2 Jun

Why are we so afraid of failure? You want to take that risk to quit your current job and work the job of your dreams. You really do, but you are too afraid that you will fail if you do. So why are you so scared of failing that you let it hold you back? Keep reading to learn more about why you are so afraid of failure.

It’s Part of Human Nature

First and foremost, fear is part of human nature. No matter who you are, you have something you are afraid of, and for most people, this includes failing. Additionally, people who are afraid of similar things, like asking for help, or embarrassment, might be afraid of failing because it leads to these two things.

It takes a lot of work to overcome this fear because it is deeply ingrained. But it is possible, so don’t write off your fear just yet.

You Learned to Be Afraid as a Child

Maybe your parents scolded you terribly when you made a mistake. While they may not have realized it then, this is negative reinforcement of failure. Instead of punishing you for doing something wrong, they should let you learn your lesson and move on.

Either way, those patterns from being a child are now deeply ingrained in your psyche. You can overcome this fear by recognizing that the punishments you experienced as a kid are not what you will experience now. If you still struggle to overcome these fears, you may need to talk to a professional.

You’re a Perfectionist

No matter how much you wish for something to be perfect, it never will be. It’s time to let go of your perfectionism when it comes to failure. This will be very difficult if you are a true perfectionist. Remember that failure is a normal part of life and that you shouldn’t take any failure personally.

You can also remind yourself that you don’t have to be perfect on the first try. Even if you fail the first time around, you may master the activity or job with perfection the second time around. Either way, don’t let your perfectionism keep you from what you want to achieve in life.

Overcome Your Fear of Failure

In conclusion, it’s perfectly normal to be afraid of failure. After all, it’s in your blood. There are other reasons you may be afraid of failure, too, such as events that happened in your childhood or because you are a perfectionist. Don’t let either of these things hold you back, as the only way to success is by overcoming your fear of failure and taking a step into the unknown. 

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
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Email me at David.wiener@cashflowstrategies.us

If you have a business that was impacted by the COVID19 pandemic and associated lockdowns and supply chain disruptions, please see my article about the Employee Retention Credit, even if you were told that you do not qualify.

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What Does Success Mean To You?

30 May

Everyone in life seems to be chasing the same thing, something by the name of success. While this may seem like everyone is pursuing the same goal, this couldn’t be further from the truth. For this reason, you must discuss what success means to you before you start the journey towards it. Otherwise, you may end up lost along the way.

Why Does Success Look Different for Everyone?

Name one person on this earth that likes all the same things you do and does them in the exact same way you do. Can’t think of anyone? Exactly. This is because everyone on this earth is different, so you can’t expect success to look the same for everyone either.

You have different desires, beliefs, and abilities. Chances are something that someone else may see as success may not even seem like fun to you. Therefore, you wouldn’t consider it a success based on how you see the world. 

Why is Defining What Success Means to You Important?

If you are chasing someone else’s idea of success, the reality is, you probably won’t get there. Especially because we have already established that you are unique in your abilities and desires. Therefore, to achieve success, you must define what that means for you.

For example, someone like Elon Musk may qualify success as selling 12,000 of his new car model. While that is great for Elon Musk, you are just a dealer at a car lot. You’re just looking to make enough money to survive and go on that vacation you’ve always wanted. Therefore success for you should be defined as selling five cars every month, or whatever amount to meet your monetary goal.

If you don’t set an appropriate goal and instead define success only as selling 12,000 units, you will likely never achieve it and end up disappointed and discouraged.

Defining Success is Critical to Achieving It

As you can see, you don’t have to make your own definition of success, but if you stick to the one the world provides you, you won’t be honoring your situation or desires. 

It’s time to throw away the world’s ideas of success and create your own. While it may look different, and others may not understand, you’ll be able to achieve it—and that’s all that really matters.

Overall, success is only great if you achieve it. Therefore it is absolutely critical that you define your own version of success. This is the only way it will be within your reach. 

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
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Email me at David.wiener@cashflowstrategies.us

If you have a business that was impacted by the COVID19 pandemic and associated lockdowns and supply chain disruptions, please see my article about the Employee Retention Credit, even if you were told that you do not qualify.

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Dealing With Self-Doubt

26 May

Dealing with Self-Doubt is common. Everyone experiences self-doubt from time to time. It’s part of life. The important thing is that when you do experience self-doubt, you handle it in the right way. This will ensure that you can overcome it and get back on the road to success in no time at all. Keep reading to find a few ways to deal with self-doubt when negative thoughts arise.

Resolve Not to Compare Yourself With Others

Often, thoughts of self-doubt come when you compare yourself to someone else. Resolve in advance not to let this happen.

When it does (which it probably will at some point), remind yourself that you aren’t the other person. They have a journey completely different from your own. Look at how far you’ve come on your journey. Your journey is yours and yours alone.

Remember the Past is the Past

Many people experience self-doubt when thinking about the past. Whenever the past comes up in your mind, remind yourself that it is over and done with. If you dwell on the past, it will make self-doubt worse.

Look towards the future and all of the plans you have instead. It can also help to list all the things you are grateful for in the present.

Remind Yourself that Failures are Lessons

Everyone will have failures at some point in their life. This is inevitable. When you experience a failure, you will likely have some thoughts of self-doubt.

Don’t let these get you down. Instead of focusing on the negative, resolve to focus on the positive. Run through the lessons you have learned to feel confident you won’t make the same mistake again.

Have a Support System

There is nothing worse than experiencing self-doubts and feeling alone simultaneously. You should do everything in your power to have a support system in place when these doubts start to creep in.

The support system doesn’t have to be physical. It could also be a forum or an online support group. Either way, it should be someone you trust to talk to when the going gets rough. They can help remind you of what an amazing person you are and the journey you’ve embarked on to get where you are. 

Start Today

Overall, battling self-doubt when it pops up is never easy. If you follow the four suggestions on this list, you will find yourself well equipped to deal with self-doubt when it does arise. Before you know it, you’ll be back on your way to achieving your dreams as your confident and amazing self!

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
Visit my website by clicking here
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Email me at David.wiener@cashflowstrategies.us

If you have a business that was impacted by the COVID19 pandemic and associated lockdowns and supply chain disruptions, please see my article about the Employee Retention Credit, even if you were told that you do not qualify.

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5 Behaviors of Successful People

23 May

Successful people are not typically born with the habits and behaviors that help them get to where they want to be.

Through hard work and perseverance, people do well in life, traits that other successful people adopt. Keep reading to learn about the five behaviors you should adopt if you desire the same.

Spend Time With Other Successful People

When you spend time with other successful people, you tend to adopt the behaviors and habits that they display. This is true of many friendships, which begin with a common trait and then expand to friends developing similar behaviors. 

If you genuinely want to be successful, keep company with those who demonstrate the behaviors and habits you wish to emulate. As the saying goes, “if you are the smartest person in the room, you are in the wrong room.”

This means that you want to continually build your network of friends that will help you grow and succeed.

Be a Lifelong Learner

Successful people make it a habit of learning something new at all times. This is because knowledge creates opportunities that you may not have reached before. Whether you wish to move up in the company you work for or create something new, learning is the key to success.

Change Your Mindset

Successful people understand the value of having a positive mindset in everything they wish to accomplish. You have the power inside of you to either sit in complacency or to step up and find the success you want for yourself.

It is a matter of how you view yourself and your environment. When you choose to have a growth mindset, you can move mountains and accomplish anything you set your mind to.

Manage Your Time Effectively

While managing your time can be a challenge, learning how to do it effectively can make a huge difference in your life. Successful people know the importance of honoring their schedules to promptly complete daily tasks. Because of this, they purposely cut out things that are not a priority and learn to delegate tasks that others can do.

Set Goals For Growth

One of the most important behaviors to adopt if you want to be successful is setting goals focused on personal growth.

To be successful takes motivation, which comes from taking the small wins as they come. While having long-term goals is essential, having short-term goals that get you to the longer ones are equally important.

So What Are You Doing to be Successful?

Overall, if you want to be successful, you need to change some behaviors and habits that may hold you back. Taking the time to incorporate these five behaviors into your daily life can help you achieve the success you desire.

Contact Me Directly

Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
Visit my website by clicking here
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Email me at David.wiener@cashflowstrategies.us

If you have a business that was impacted by the COVID19 pandemic and associated lockdowns and supply chain disruptions, please see my article about the Employee Retention Credit, even if you were told that you do not qualify.

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The Employee Retention Credit, Should You Apply?

6 May

As businesses and practices of all sizes became directly or indirectly affected by regulations and shutdowns caused by the COVID-19 pandemic and the resulting economic downturn, it became clear that U.S. companies needed significant financial assistance to remain open.

What is the Employee Retention Tax Credit?

The US government authorized billions of dollars in aid specifically for businesses through the Employee Retention Credit (ERC) within the CARES Act. A refundable employment tax credit for eligible employers based on qualified wages and health plan expenses, the ERC allowed employers to use the funds to continue to pay existing employees and keep business running and staff working during the economic fallout caused by the Coronavirus.

Employers have been working hard to stay open and running during the pandemic. They simply don’t have the time, energy or ability to manage constantly changing business operations environments, keep up with local, state and federal regulations and understand enough of the ERC to see if they are eligible. There are millions of unclaimed dollars available and nearly any company or healthcare practice impacted by the pandemic is eligible to claim their credit.

Businesses need to take advantage of this opportunity before funds run out, or the three-year claims window closes.

5 Reasons to Apply For the Employee Tax Credit

Most Businesses Qualify 

The COVID-19 related criteria a business must meet to qualify for the ERC are:

  • The business was fully or partially shutdown or had to reduce hours due to a government order.
  • The business saw a significant decrease in gross receipts in 2020 or 2021 when compared to 2019 gross receipts
  • The business is a recovery startup, operational in the third and fourth quarters of 2021.

Receive Up To $26,000 Per Employee

When first introduced as part of the CARES Act in 2020, the maximum credit allowable under the ERC was $5,000 per employee. With its renewal and expansion in 2021, the maximum credit increased to $21,000. When the ERC and the Paycheck Protection Program (PPP) were rolled out under the CARES Act, businesses had to choose which to use. Many selected PPP because it was easier to sign up for a Small Business Administration-backed loan than to learn the details of eligibility for ERC. Subsequent legislation expanded the eligibility requirements for employers so that they could now receive both, making this a can’t-miss opportunity for businesses.

It’s Retroactive

Even though the Infrastructure Investment and Jobs Act (IIJA) of 2021 moved up the ERC’s expiration date, effectively repealing the program for the fourth quarter of 2021, companies are still allowed to submit their payroll tax filings for the covered periods. Employers who filed their payroll taxes in 2020 were able to deduct the money directly from their quarterly payroll taxes at that time. Those who didn’t file in 2020 or who are claiming the ERC for the first time on their payroll taxes in 2021 will be refunded for quarterly filed periods.

It’s A Cash Refund

Though the Infrastructure Investment and Jobs Act (IIJA) of 2021 moved up the ERC’s expiration date, effectively repealing the program for the fourth quarter of 2021, companies are still allowed to submit their payroll tax filings for the covered periods. Employers who filed their payroll taxes in 2020 were able to deduct the money directly from their quarterly payroll taxes at that time. Those who didn’t file in 2020 or who are claiming the ERC for the first time on their payroll taxes in 2021 will be refunded for quarterly filed periods.

It’s Easier Than You Think

If you would like to find out if your company qualifies for the ERC, it is as easy as filling out a questionnaire that will determine your eligibility.  You can go directly to the questionnaire by clicking here.  There is no cost or obligation to determine your eligibility.  If you indeed to qualify, ERC Specialists will help you to determine what your credit will be and will do the work in filing for the credit for you, if you desire.

Why This is Important For Your Business

I have had many of my clients who found out, in this way, that they do indeed qualify for the ERC.  Some had been told previously by their CPA that they did not qualify.

If your business, or medical or dental practice, was impacted by COVID-19, even if you received the PPP or EIDL loan.  I would highly recommend taking the time to determine, for certain, whether or not you qualify for this tax credit.

If I can be of any help in the process, or can answer questions on the ERC or any other cash flow related items, please schedule a time to talk with me using the link below.

Contact Me Directly

Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
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Email me at David.wiener@cashflowstrategies.us

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Prioritizing Your Work For Productivity

26 Nov

One of the best ways to improve your productivity is to prioritize your work.  But if you’re new to goal setting and time management, it can be tough to know how to do this.  Read on for tips on how to prioritize your work and get the most out of your time.

Brainstorm. 

The first thing you should do is make a list of everything that needs to get done.  This includes tasks for clients, tasks for yourself, and other tasks that need to get done to further your work.  Exhaust every piece of work you think you need to do.

Determine Time-Sensitivity. 

Some tasks need to be done urgently while other tasks aren’t as time-sensitive.  Take the list you brainstormed and divide the tasks into two categories – urgent vs. not urgent.  Urgent things are those that are related to deadlines.

Determine Importance. 

In addition to knowing what’s important time-wise, it’s also important to look at the importance of each task.  A task is important if it supports the overall vision of your business and supports bigger goals and priorities. 

Some tasks are not as important, but need to get done.  And you may even find there are tasks that aren’t really that important at all and can be deleted from the list.  Rank both the urgent and not urgent lists by importance.

Know Your Limits. 

You can become overwhelmed if you give yourself an unrealistic number of tasks to complete.  Be realistic about what you can accomplish in a given amount of time.  Overloading your to do list can cause you to become paralyzed and get less done.

Set Time Limits for Tasks. 

If you tend to spend too much time on a task seeking perfection, you need to give yourself time limits so that you won’t focus on one thing for too long while neglecting other tasks.  That may mean throwing some of your perfectionism out the window.

Set Deadlines. 

When you feel like you have all the time in the world to complete a project, you’re less likely to get it done in a reasonable amount of time.  Set deadlines so that you can be motivated to finish in less time and get more done.

Allow Time for Personal Projects. 

Sometimes you’ll find there are things you want to do for your business that aren’t necessarily critical at the time.  Don’t forget to give yourself the time to work on projects you enjoy.  When you feel fulfilled and happy you’ll be more productive.

When you learn how to prioritize your work you’ll know which tasks need to be done right away and which ones can wait.  In the end you’ll get more done and you’ll feel better about the work that you do.

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
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Email me at David.wiener@cashflowstrategies.us

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Four Steps To Bounce Back From Burnout

22 Nov

Burnout is a dangerous condition that can affect you both physically and mentally. If you’ve recently discovered you are suffering from burnout, you may be wondering just how you can overcome it. Unfortunately, overcoming burnout isn’t easy, but there are several things you can do to help yourself bounce back.

1. Take A Break

This one is the most important. If you are feeling burned out, stop what you are doing. This doesn’t mean you have to call it quits permanently. Take a break and step back. Take a few days or weeks, or maybe even months, off. Once you overcome your burnout, you will be able to think creatively again, and then you may see an answer to the problem you were facing—the answer you may not have been able to see before because you were too burned out.

2. Invest In Self Care

After you have taken a step back from whatever was causing your burnout, it’s time to focus on self-care. Of course, self-care looks different to everyone, so you need to invest in the self-care that you need. Some self-care activities that may help you are meditation, a spa day, exercise, eating healthy, more sleep, relaxation, and engaging in a hobby you love.

3. Work Through Your Emotions

In general, burnout doesn’t happen without emotional influence. And your emotional influence comes from within, so it is now time to deal with your emotions and discover just what led to you feeling burned out. This can be done by journaling, making a list of what you are grateful for, and creating positive affirmations for yourself. You can also work on changing your emotional responses to certain stimuli, so if you find yourself in a similar situation in the future, you will be able to bring yourself to a different end.

4. Try Again

This doesn’t mean you go back to your same issue which caused your burnout before. This means you use your creativity to find a new way to do things. If your trying again includes a new job or venture, that’s fine! Your trying again could include going back to the same profession but switching companies. Either way, this step is entirely up to you, and you need to do what is best for you.

Bouncing back from burnout can be difficult, but if you step away from the problem, take care of yourself, and work on your emotions, you may find escaping the burnout loop is easier than you thought. And once the feelings of burnout are gone, you’ll be able to think enough to try again or try something new for your life.

Contact Me Directly

Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
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Email me at David.wiener@cashflowstrategies.us

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6 Ways To Become More Efficient At Work

18 Nov

You hear all the time that you or your company needs to be more efficient. But, do you know how to accomplish that? Efficiency seems like a word that is thrown at as the end-all be-all answer to problems within an organization. Without a proper plan, the likely result will be confusion and chaos. The following tips can help you when you are given the initiative to be more efficient.

Time Management

If you and your team are not managing your time efficiently, you are going to find it hard to move the company forward. The team will constantly be missing deadlines and playing catch up. This makes the group look bad and causes undue stress on the team. The likely result will be high turnover at times when team members are needed the most.

Learning

Always be on the lookout for how to improve your job or your teams’ jobs. This often requires learning new skills. The more you learn, the easier it will be to find alternative methods that work better.

Organization

If your office environment is cluttered and there is no sense of organization, it can impact the productivity of the entire group. There are professionals who can assess your current situation and make recommendations on how to improve the environment. This can include such aspects as desk clutter, filing, and even ergonomic issues and proper placement of fixtures or furniture.

Automation

When you find ways to automate, this frees up your staff to work on more important tasks. Mundane tasks that eat away the time of your staff are the best candidates for automation. It is possible to go overboard with automation which can cause slowdowns when the automation processes fail. Try to determine the best tasks to automate without overdoing it.

Delegate

If you are micromanaging the work of your team, you won’t have time to handle your own tasks. Your team won’t respect the fact that you are doing tasks that they should be doing. You hired them for a reason. Let them get their jobs done. It’s okay for them to come to you when they get stuck. But, you should guide them rather than simply doing everything for them.

Outsource

With corporate cutbacks, delegating may not be easy to accomplish. Companies are expecting their employees to do more with less. But, managers still need to get their work done. In such cases, it may be worthwhile to consider outsourcing some of the tasks of your team. The benefits of outsourcing are that it does not increase the company’s headcount.

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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.

Please subscribe to this blog , or contact me with any questions.

Call me directly at 770-224-8504 or 888-780-1333
Schedule a phone call with me by clicking here
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Email me at David.wiener@cashflowstrategies.us

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