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?
"We highly recommend Jerry Jones, a CPA in Reno, NV to anyone who is interested in being advised in all areas of their tax planning in an efficient and expert manner. He is a very dedicated individual who works hard for his clients, handling all of his clients personally, and follows through on every part of the tax-filing process. Jerry is extremely knowledgeable with the regulations and requirements needed to successfully calculate both personal and business taxes, and is vigilant in keeping up with the latest laws, updates, and changes. Jerry is a creative thinker who has always made himself available outside of normal business hours to answer our questions. We particularly appreciate the occasional emails he sends out apprising his clients of changes to the tax code that could affect us. If you are looking for an engaged, and thoroughly competent CPA, look no further."
Chris & Amanda Schroeder, Reno, NV

Hidden Tax Savings

The Power of Cost Segregation

By Jerry Jones and Jennifer Castillo

Like many owners of self-storage facilities, you may be unaware that could decrease significantly your current federal and state income taxes. These tax savings are hidden beneath your feet, within the walls, and even in the landscaping and paving outside your self-storage facility. How can you get these savings? You can have a cost segregation study performed on your facility.

Cost segregation is a tax strategy used to help classify assets into appropriate depreciable lives-the result of which produces substantial tax savings. It is a detailed financial and construction-based analysis of all purchase or construction costs associated with a property. The objective of the cost segregation study is to help building owners save money and put cash in their pockets now!

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DUE DILIGENCE

Buying It Right

By Tom Litton

Self-storage is a wonderful investment. The rents are comparable to rents found in apartment ownership, yet the hassles of management are far fewer. Self-storage has become the darling of the real estate investment world; not only has it matured, it finally is understood by lenders and Wall Street. The industry has abandoned its humble beginnings as a backwater industry and is now sought after by sophisticated investors who are determined to milk the cash cow.

For many years, few self-storage facilities were for sale because so many owners were happy with their investments. During the "savings and loan"crisis, some facilities were sold and fortunes were made by astute investors as properties were acquired for a fraction of their true values. Today, owners sell self-storage facilities for a myriad of reasons; some see impending doom in oversaturated markets, others simply want to liquidate their properties while the market is at a peak.

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Cell Towers On Site

Growing Profits By Leasing To Cell Carriers

By Elizabeth Ferrin

Years ago, Ray McRae, vice president of Storage Solutions answered a phone call that would change the face of his company's holdings, ultimately adding income and increasing the value of his properties. This single conversation marked the beginning of the self-storage professional's successful relationship with the wireless industry and ultimately led to the development of a cell tower at one of his self-storage facilities. Today, his company's portfolio includes self-storage properties that play host to a total of 11 cell sites.

Like McRae, many self-storage owners and operators are open-and even eager-to increasing their monthly cash flow by allowing a cell tower or monopole at their site. However, very few owners ultimately end up signing lease agreement with a carrier. "The average landowner is likely not a candidate for a cell site." says Ken Schmidt, president of Steel in the Air, Inc., a company with assists landowners with the negotiation of leases. "There are more that 2 million parcels in the U.S. of which less than 175,000 have towers. That means there is less than a one percent chance that your site will be chose."

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New Capitalization Rules: Opportunities and Traps

(Parker's Federal Tax Bulletin: November 26, 2012)

On November 7, at the AICPA Federal Tax Conference in Washington, D.C., two members of the AICPA Tangible Property Task Force reviewed the temporary regulations on capitalization issued at the end of 2011. David Strong, Director at Crowe Horwath LLP, and Natalie Tucker of the Washington D.C. National Tax Office of McGladrey LLP, emphasized certain year-end strategies practitioners must consider in dealing with the new capitalization rules, as well as opportunities for mitigating some of its more onerous provisions.

On December 27, 2011, the IRS issued temporary regulations (T.D. 9564) aimed at assisting taxpayers in determining whether amounts paid to acquire, produce, or improve tangible property must be capitalized. The temporary regulations are generally effective for amounts paid after 2011. The regulations clarify and expand prior proposed regulations, which had been issued in 2008.

Taxpayers Have Two Years for Automatic Consent Method Changes to Comply with the New Rules

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