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February 06: SELF STORAGE UNITS ARE THE BEST FOR SMALL BUSINESS OWNERS, AREN’T THEY?

    1. Start:
    2. 02/06/2019 at 8:30 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
    2. SELF STORAGE UNITS ARE THE BEST FOR SMALL BUSINESS OWNERS, AREN’T THEY?

      But when you use a self-storage area for your business, it seems like it’s something you should be able to write off on your business taxes. And the good news is that you can.

       

      They come in handy to hold a wide variety of necessities, such as extra inventory, materials used to create your product, excess office supplies, parts and equipment that aren’t immediately needed in your repair shop, and old records and files that you’d prefer not to have cluttering up your work space, yet you know you should keep on hand for future reference.

       

       

      HOW CAN I DEDUCT SELF STORAGE EXPENSES?

      While you might initially consider the storage space your “home office,” especially if you visit there a lot for your business, you don’t want to classify the business deduction the same way you would your den or other dedicated work space, says Gary Blumenthal, CPA and vice president of Betro and Company in Foxboro, MA. Instead the storage space actually should be classified as “rent.”

      That means the rental charge would be added to any other rental charges you might incur for leased space, such as for an office or factory, and deducted as a business expense as part of the rental category, says Mark H. Misselbeck, C.P.A., M.S.T. with Katz, Nannis + Solomon, P.C, in Waltham, MA.

       

      Here’s exactly where you would include it on your taxes, according to Blumenthal:

      ·         For sole proprietors and single-member LLCs: Include it on Schedule C—Line 20B

      ·         For partnerships and multiple member LLCs: Add it to Form 1065—Line 13

      ·         For C-Corporations: Include it on Form 1120—Line 16

      ·         For S-Corporations: Include on Form 1120S—Line 11

       

       

      WHAT IF THE SELF STORAGE IS “MIXED USE?

      Got a few personal items included in there; say some out-of-season camping equipment on shelves off to the side from your main inventory area? It’s common for the entire unit not to be used solely for business purposes but doesn’t mean that you can’t take the deduction you’re owed, Blumenthal says.

      “If you also use the units to store personal items, the cost of renting the space must be allocated between the business use and the personal use,” Misselbeck says. But to make sure you’re legally deducting what you should, you’ll want to figure out what percentage of the square footage is occupied by the business items compared to your personal property.

      Blumenthal suggests that the easiest way to figure the business portion is by taking the percentage of square feet taken up by your business needs over the total square footage of the unit and multiply that by the total rental charge.

      So let’s say your 10 x 10 storage unit runs $100 a month. You use 60 percent of it to store furniture that you have salvaged and intend to refinish and sell. The other 40 percent, well, it’s none of anyone’s dang business that you are holding on to Beanie Babies and a few other collectibles hoping for a resurgence, now, is it?

      You’d take that $100 and allocate $60 of it for the tax deduction and $40 for the “other uses” that can’t be written off.  If you have any questions about how to determine the appropriate ratio for tax purposes, be sure to consult with a trusted tax advisor.

      But, if the greater part of the entire volume of space is devoted to one or the other use, Misselbeck suggests modifying the equation. “An allocation using cubic feet might be more appropriate to measure the allocation of the cost of renting the space and how much can be deducted,” he says.

      Estimate to the best of your ability, but it can’t hurt to take photos for each tax year, says Blumenthal, in case you need to prove it in the event of an IRS or state tax audit.

       

      Bottom line? Self-storage units can play an important role in keeping your business running smoothly, and you should make sure you enjoy the full tax deduction you legally deserve.

       

      Article by: Cathie Ericson on June 15, 2018

      SpareFoot Blog

      by

March 04: Keeping Your Self-Storage Unit Organized Easily

    1. Start:
    2. 03/04/2019 at 6:00 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
    2. Keeping Your Self-Storage Unit Organized Easily

      It is all too easy for a self-storage unit to end up looking like that closet you are afraid to open, or that corner of the garage you’ll tidy up some day. Protect your valuables and save yourself some stress by following just a few easy steps listed below for an organized self-storage unit.

      Make a List

      Start out with a list of every item you are storing. This is helpful to do before you start filling your unit. Having it all laid out in front of you will help you plan where to place each item to maximize the amount of available space. The list can later hang inside the unit to remind you of which items you stored.

      Make a Map

      Make a simple map of your storage unit as you pack it up. Three months from now when you are searching for your summer clothing or those tax papers from three years ago that map will save you the stress of having to tear apart the entire unit.

      Pack Properly

      Plan ahead when you’re packing. You can save space by placing boxes on bookshelves or small items inside a washing machine or dryer. Organized just right, you’ll be amazed at how much you can fit inside your storage unit.

      Label Everything

      While this step may seem obvious, it is often overlooked, especially if you are packing in a hurry. Even if you only have a few items to store now, it is still important to label each box accurately. You may add to your stored items later and those boxes could be easily mislaid if they aren’t labeled clearly.

      Protect Your Valuables

      There are several ways to protect valuable items, including important papers, in your self-storage unit. The most important step is careful packing. Make sure you provide ample padding to breakable items and label delicate boxes.

      If you are storing clothing, furniture, instruments, important documents, artwork or electronics you should consider renting a temperature-controlled storage unit to prevent damage from extreme temperatures or humidity.

      Use a Storage App

      It seems there is an app for just about everything these days, and self-storage is no exception. There are a variety of apps that can help you stay organized. One example is called Moving Day. As you pack and load up each item you can easily categorize it with the app. Moving Day even lets you assign values to each item in case you have to make an insurance claim one day.

      Check out this link for some others to choose from:   http://blog.furnishedquarters.com/relocation/top-5-moving-day-apps/ 

      A quality self storage facility will have educated staff members available to assist you in choosing the best space for your needs and utilizing all the tips suggested here.

      Call the experts at Oakland Self Storage to learn more, 256-216-5707.

       

August 14: YOUR SELF-STORAGE ACCOUNT AND HOW IT WORKS

    1. Start:
    2. 08/14/2019 at 8:30 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
    2. YOUR SELF-STORAGE ACCOUNT AND HOW IT WORKS
      How to avoid those dreaded late fees each month on the 6th and the 15th!

      Invoices are sent to your email address as reminder a week in advance.

       

      YOUR BILL- MANY WAYS TO PAY

      Choose AutoPay and never worry about missing a payment. Once set up, we will automatically debit your bank account, VISA, MasterCard, Discover, or American Express when your bill is due each month. To pay online: Simply use your www.oaklandselfstoragellc.com online account and click on the Pay online link.

       
      Your rent is due on the 1st of each month and late on 6th and 15th. It's best to pay your rent on time and in full each month to avoid being charged a late fee. No partial payments.

       

      MAIL
      Send payment directly to Oakland Self Storage, 29355 Huntsville Brownferry Road, Madison, AL 35756.  Please be sure to include your unit number onyour check or money order ex: A186 or B149

       

      ON-SITE
      Pay in person at Oakland Self Storage —just provide your account number.

       

      PHONE
      Call (256) 216-5707 for credit or debit card payments. During the call, you will be informed that the receipt will be sent via email.

       

      VERY IMPORTANT - UPDATE CONTACT INFORMATION
      Be sure to keep your contact information current — your home address, phone number and email address. That way, we can always pass along any current news and goings-on at Oakland Self Storage, or, in case of any emergency.

      PASSWORD
      Should you ever forget your password, you can click on forgot password and reset it.

       

      RESERVE ADDITIONAL UNITS
      Should you require more space, you can always reserve additional units.

       

      UNIT ACCESS
      Units are accessible any time 24/7.

       

      WHO CANUSE MY UNIT?
      You can decide how many people are allowed to use your unit. To ensure their unrestricted use of our property, please add the names of those with authorized access by visiting the office and leaving names and telephone numbers. You may also want to provide them with their own key code. We do keep a copy.

       

      KEY TO YOUR UNIT
      Units are secured with your own lock, and we do not keep a copy of the key. However, if your key is lost, please see your property manager for assistance with restoring access.

       

      MOVING OUT-OR CHANGING UNITS

      How to Change Unit Size
      If at any time you decide that a smaller or larger unit better suits your needs, please contact your property manager/assistant. They are experts at helping find the perfect storage solution for your situation and can assist with this transition.

       

      Notify Us
      We prefer a 10- day notice of your intention to move out. We recommend calling the office, notifying your manager of your desired move-out date. If you later decide you need more time,you can always change the move-out date or even cancel the notice andcontinue storing with us.

       

      MOVE-OUTDAY
      On your scheduled move-out day, simply remove your lock and make sure the unit is emptied of all contents and swept out. Finally, please let your property manager know when this is completed for their quick inspection and records.

       




September 16: Is Your Self Storage Unit Ready for Fall?

    1. Start:
    2. 09/16/2019 at 9:00 am
    1. End:
    2. 11/30/2019 at 5:30 pm

September 16: Is Your Self Storage Unit Ready for Fall?

    1. Start:
    2. 09/16/2019 at 9:00 am
    1. End:
    2. 11/30/2019 at 5:30 pm