Monday, October 12, 2009

Keeping Track Of Your Losses

Helping your clients means being professional. A commercial

property management company should be well aware that they need

to keep track of every little thing that goes on concerning the

client. You can help your client by giving them important

documents for them to file with their taxes. Our Federal

government is helping property owners who are losing money

through vacancies. If they’re paying you to keep these vacant

properties in good repair, you need to show them that so that

they can get the tax return they deserve. You can also file your

own taxes and then pass along some of those savings to the

property owner where it is appropriate.

Saving Money By Using A Rare Labor Source

Most of us know that there are two kinds of workers - legal and

illegal. However, there is a lesser known group of legal workers

in America. These individuals are known as refugees. Refugees

are typically immigrants with political ties. Each year, the

United States is required to take a certain number of refugees

because they’re part of the United Nations. This is truly the

cream of the crop because only two percent of all refugee

applicants are allowed to go into the program. They’re typically

heroes and educated people. However, because they don’t know the

language, they do not have the ability to get a job easily. For

this reason, they’re more than likely grateful to get a job in

your company working behind the scenes. Commercial property

management businesses that employ refugees will get 50 to 100% of

their wages reimbursed in tax incentives.

Keeping Track Of Tax Incentives

Our housing markets have been falling in the past years. For

this reason, the Federal government has made many tax incentives

to help commercial property management businesses like yourself.

You may be expecting your accounts and to keep you informed of

everything, but it is a good idea if you do this for yourself.

One way to do this is to call the IRS and asked them what the

news is. They will most likely send you a newsletter or refer

you to a web site. Any documentation that you receive from them

will need to be scoured with a fine tooth comb. Any instructions

that they give you will need to be followed to the letter of the

law. Otherwise, you can do a bunch of work and not get any money

for it.

Accountants Can Work Miracles

You should never assume that a commercial property owner

understand anything about the commercial property management

business. If a client calls you and tells you that they want to

discontinue your services, don’t give up so easily. Especially

if they will not return your phone calls. The best way to do

this is by hiring an accountant to make a list of all of the ways

that you are saving them money. You can also offer the

accountant to them for free. This way they can make their own

decision based on what the accountant says independently of you.

The property owner can then asked the account in any questions

and get a very clear answer about them. They may soon find that

you’re doing a better job than they thought you were.

Tax Deductions For Commercial Property Management Businesses

The recent downturn in our economy has left many commercial

property management businesses struggling to keep their clients.

Property owners have it in their minds that they can discontinue

the services and handle everything themselves just fine.

However, they are unaware of the various tax incentives available

to them if they stay. Ways to show your property owners that

they can benefit by stay with your company are:

• Hiring the property owner an accountant
• Encouraging tenants to file for bankruptcy
• Staying abreast of tax incentives
• Renegotiating your terms of contract
• Saving the property owner money with grants