Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
I own 3 storage properties (2 in one state and the other in another state over 100 miles away)and work a full-time job about 100 miles in another direction; with all my travelling I sometimes feel like I get behind the 8-ball. That is where I was on my taxes when I contacted Jerry to prepare them. It is not a good practice to be at the last minute and needing to have your taxes prepared, but Jerry met the deadline with exceptional professionalism. I am located approximately 2,500 miles across the country from Jerry but that has been no hindrance in receiving timely exceptional customer service from him. In discussions with Jerry, he has had made suggestions that has helped me improve my operations. His knowledge of the self-storage industry incorporated into your accounting and tax-planning of your operations will prove to be invaluable. I believe he will provide you with the highest level of accounting service and tax planning and preparation for being an owner in the self-storage industry.
Donnie Christian
Bristol, Tennessee and Virginia

Discover the Loans Available in Self Storage

by Noel Cain


Authored by The BSC Group, a provider of financial and loan advisory, mortgage brokerage and loan workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market.

If you are ready to use debt to purchase a new facility, or refinance the debt on an existing self-storage property, now might be the time to review the loan options available to you. The following overview will summarize the alternatives as well as their pros and cons.

Avoid legal and accounting logjams

by Mark Lusky

As with preventive medicine, practicing preventive law and accounting can spare self-storage owners many hours of headaches and heartaches--not to mention dollars. Costs of litigating or defending a legal claim or tax issue can skyrocket quickly.

It doesn't take many motions or other meanderings by the other side of a dispute to make costs soar. So, by far the best protection in the self-storage industry is to put in place a solid legal and accounting infrastructure before you need to defend it. Following are suggestions to help succeed:

1. Spare no expense to develop/update good contracts, develop legally-sound policies, and establish an accounting infrastructure fully defensible to the IRS. One of the biggest reasons businesses fail is a penny-wise-pound-foolish mentality. While much information can be accessed economically through the industry and via internet research, it's wise to have trusted advisors who can make sure everything is airtight-or as close as reasonably possible. And make sure these advisors are up to speed on the latest legal and financial regulations and rulings that may impact today's rules of engagement tomorrow and beyond. Most important, periodically review everything with legal and accounting/financial advisors in the same room, to be sure everything is buttoned down in both arenas. In the long run, you'll likely save money not going back and forth between lawyers and accountants who often suggest seeking input from one another.

Self-storage tax changes for 2013: How to reliably discover what you need to know

by Mark Lusky

When it comes to tax advice, consider the adage, "Don't take too much advice; you could wind up making other people's mistakes." Too often, tha''s what happens when entrepreneurs, self-storage owners/operators included, look solely to the Internet, media reports, or other "single source" for information.

This is a huge reason to have truly trusted advisors--people and organizations that can serve as the penultimate arbiter of what is and isn't relevant and right for your particular situation. That said, researching the Internet and/or media reports is a great way to start gathering information and intel. It can prompt awareness of good questions to ask, strategies to consider, tactics to avoid, and the like. Here are some tips to help ensure getting the right information for your situation:

Want to help your child buy a home?

Are you looking for a way to help your child with buying a home? Some strategies you might consider include lending your child money, gifting under the annual gift tax exclusion, pledging securities, and equity sharing.

Assuming you have enough liquid assets, you can effectively act as the mortgage lender to your child by lending money to pay for the house.

Another option is to give the child money for a down payment on a house. Making a gift to your child for the down payment is an ideal situation for parents who are primarily concerned with decreasing the size of their estate and the taxes on it after their death. Current tax law lets individuals make annual gifts of up to $14,000 per person. If both parents join in the gift, they can give the child $28,000 without any gift tax liability.

With some planning, even larger gifts can be made. For instance, if the child is married, his or her spouse is also eligible to receive gifts. Collectively, a married couple could receive $56,000 in gift-tax-free cash for a home purchase. If the gift is spread over a new year, it can be increased to double the amount, giving the child and his or her spouse $112,000 toward the cost of the home.

Another possibility is pledging securities to secure a child's home loan at a financial institution. By pledging securities instead of selling them, the parents can be saved from a potentially taxable event.

Finally, another alternative is equity sharing where the ownership of the home is shared. Typically, the parent makes the down payment, and the child pays the mortgage payment, utilities, taxes, and other ongoing expenses. The home is jointly owned, and the family can agree on a split of any appreciation in value if the home is later sold.

For details on these and other options available to parents who want to help their child buy a home, give us a call.

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