by Joseph Garnett | Jun 15, 2018 | blogging
A Child’s Curiosity and Falling in Love with Silversmithing
For DFAC instructor Susan Maxon, the allure of fire, twisting metal, and acid captivated her four-year-old imagination. This instant love for silversmithing led to a lifetime of opportunities for both working and teaching the art of jewelry making. In the following video, Maxon expresses her joy for the art and how then shares that feeling with her students.
Discover Your Passion in Our Jewelry Shop
Whether you are a beginner or have some experience with jewelry making, DFAC offers classes that can help you improve your craftsmanship. Please click here to learn about the many opportunities available for you to express yourself.
by Joseph Garnett | Jun 15, 2018 | blogging
Since 1988, when Motorola first introduced the large brick mobile phones, voicemail has been part of the standard calling package. Between then and now, most small business owners have been using cell phones to communicate with customers.
According to Pew Research, 91 percent of adults use cell phones as part of their daily routines. Google has also reported that the majority of Americans use their smartphones to researching businesses. Although there have been considerable changes in cell phone use, the use of voicemail has remained virtually stagnant over the same time frame.
Voicemail Statistics
Many small businesses still use cell phone voicemail to connect with customers when they are not available. However, the customer communication environment is changing drastically. In studies done by Forbes and the New York Times, 80 percent of all callers sent to voicemail hang up, and 30 percent of the messages went unchecked for at least three to four days. The lack of communication with these customers could equate to thousands of lost dollars for your business.
Freelancers & Small Businesses
The silent and steady transition in the nation’s workforce has a significant impact on freelancers and solo business owners. The most critical result is competition. Studies show that during the 1990s, more than 15 million freelancers were a part of the workforce. That number is expected to be well over 45 million today as more freelancers and entrepreneurs join the workforce. Some consultants think that number could be around 75 million by 2020.
With competition in the marketplace becoming fierce, owners will begin to realize that using a voicemail system hurts their business profits. The only alternative is to look to an answering service for help.
Your Solution
At AnswerFirst, we are confident that we are your solution to voicemail. Our customer service professionals can work for your company 24 hours a day, seven days a week, every day of the year. You won’t have to worry about losing a potential customer to voicemail ever again.
Whether your business is large or small, we can enable you to become more active and profitable.
by Joseph Garnett | Jun 15, 2018 | blogging
Declaring Your Love
Love is in the air. As we get closer to the month of June, more couples celebrate their love with wedding ceremonies. As you and your fiancé affirm your vows in front of friends and family, many plans must be accomplished to get you to that moment.
For instance, the dress, bride’s maids, groomsmen, decorations, the guest list, and the cake. Finding the right wedding photographer for better wedding pictures from your day is extremely important, too.
Having an experienced wedding photographer makes the difference in the quality of photographs you receive after your big day has passed. Once the day or moment has passed, there is no getting it back. Often, the events of the day become a blur. An observant photographer, like PhotosinMotion.net, will pleasantly surprise you with photos of moments you may have missed or forgotten.
7 Steps For Better Wedding Pictures
PhotosinMotion.net compiled a short list to help you decide how to select the right Tampa Bay wedding photographer and get the most from the photo opportunities. Yes, these are only 7 suggestions from other photographers and PhotosinMotion.net. There are many more, but these will get you started and provide tremendous help towards getting better wedding pictures.
1. Meet Your Photographer Beforehand
First, if your wedding is coming up in the next month or so and you haven’t gotten a photographer, find a professional experienced wedding photographer fast! Your photographs depend on it! Besides, you don’t want to settle for second-rate. Then, meet with your photographer. Even if you are familiar with their work or the photographer is recommended by friends or family, take advantage of meeting and discussing details. Try scheduling a meeting at your wedding venue and discuss locations for photo opportunities.
2. What is Your Budget?
Yes, weddings are expensive these days. Most wedding photographers work on an hourly or day rate, depending on the length of time for the wedding. So, having a realistic number in mind will help your decision-making process.
3. Create a Photo Shoot Schedule for the Wedding Day
Wedding schedules are critical. Often a venue may have more than just your ceremony booked for the day. So, it’s imperative that things go smoothly. Yes, there will be hick-ups that cause delays. However, the more you outline your photo schedule, the less stressful the day will be.
Here is an example from several photographers on how your schedule may look:
- Photos in the bride’s suite pre-dress/hair/makeup etc.
- Groomsmen doing their thing
- Bride getting dressed
- Wedding ceremony
- Married couple of photos
- Wedding Party photos
- Friends/Family/posed photos
- Reception
- Announce couple
- First dance
- Father/daughter dance
- Mother/son dance
- Cutting the cake
- Dance floor
- Send-off
4. List Everyone You Want photographed with you
Another way to help your photographer is by making a list of everyone you and your fiancé would like to be photographed with. Many times, wedding photographers hear couples say that they didn’t get a photo with person x. If you really want a special photo with anyone, please put them on the list.
5. Ask for your photographer’s advice
Decide on where your family, bridal party, and romantic pictures should be taken so you get variety in your photos. As stated in the first suggestion, as you meet with your photographer at the venue finding onsite locations presents a great opportunity to make these decisions.
6. Are you using a wedding planner?
If a wedding planner is involved, getting the details you need will almost certainly be quicker and easier. Without a wedding planner, you could end up spending a lot of time gathering information (and managing expectations).
7. Can’t Afford a Wedding Planner?
PhotosinMotion.net realizes that everyone’s budget can’t afford a wedding planner. That’s ok. Besides, even though your wedding is a big day in your life, it’s still just one day. So, don’t stress if you can’t afford one. You may have to lean on friends and family members for help.
To keep the photography schedule flowing smoothly and herding everyone who needs to be in the photos, PhotosinMotion.net recommends appointing a respected member of the family. Every family has that one member that everyone seems to listen to and doesn’t want to cross. This person can deliver a look to get everyone else to comply. Recruit that person to assist the photographer in getting everyone where they need to be. PhotosinMotion.net has found this to be the most effective way of handling the small budget wedding schedule.
Still More Planning Steps
PhotosinMotion.net realizes that there are many other steps and considerations for planning with a wedding photographer. There are many that we could not get to in the space of this blog. As you begin to plan, other things may come to light, like letting the photographer know your favorite features of the dress, first look, photographing the venue before guests arrive, and all the getting-dressed photos. We hope this compilation from us and other wedding photographers help you have a more enjoyable wedding day.
Please contact PhotosinMotion.net for yours or a friend’s big day. We would love to capture those special moments for you.
by Joseph Garnett | Jun 15, 2018 | blogging
The commercial real estate market experiences highs and lows as the economic trends shift due to politics, policies or other economic events. As brokers, continuously adding a few new options to the repertoire may help improve client relationships and grow the company. The IRS Section 170 Bargain Sale is becoming more in-demand by clients who want to minimize tax exposure. The Bargain Sale may be for such clients looking to sell performing assets or underutilized and distressed properties.
Businessman Investor Construction Sale Property Concept.
A qualified appraiser must perform the Bargain Sale valuation. The asset is compared to other property that is fully performing in the same or neighboring market. This valuation’s outcome may be higher than the original listing price. To learn more, please read an earlier post How Bargain Sale Valuations Work.
About the Bargain Sale
The IRS Section 170 Bargain Sale originates from the War Revenue Act of 1917 that the United States Government passed. It shares some similarities with the well-known 1031 Exchange, where the tax code is used to protect wealth and economic growth. However, there is a notable difference between a Bargain Sale and the 1031 Exchange. Instead of just deferring taxes, like 1031, the Bargain Sale provides immediate tax benefits that can be used the same year as the transaction and up to 5 additional years.
Nonprofit Qualifications
The Bargain Sale made to a nonprofit entity that is federally recognized by the 501(c)(3) criteria. It is considered best practice for the nonprofit to obtain validation from one of the charity monitoring organizations. These organizations, like GuideStar, rank the nonprofits based on the use of funds, fundraising, board members and activities related to their causes. All information about the nonprofits may be found on the monitoring agencies’ websites. This action provides transparency and allows Sellers to determine if they want to complete a transaction with the nonprofit.
Bargain Sale is “Not” a Donation
Although there must be a donative intent, combining the cash received at closing with a tax rebate, the Bargain Sale’s benefits may be immense. It is important to note that the Bargain Sale is not a donation. Cash is received at closing and is combined with the tax deduction benefit of the contribution between the appraised value and the cash received.
However, some transactions may have the appearance of a donation as the seller may decide to not take any cash in the transaction. As a result, commercial buyers may find themselves saving significant amounts of income tax by utilizing a Bargain Sale for their property disposition or tax strategy.
Searching for Assets
When taking advantage of the Bargain Sale for clients, brokers should consider looking for opportunities of almost any asset that has appreciated from its basis. By selling at a potentially higher valuation rate, as per the Bargain Sale terms, the broker may facilitate a win-win situation for the seller and the nonprofit organization. The seller gets the tax benefits, which is the difference in property value minus cash received at closing. Afterward, the nonprofit takes the property to either use or sell to raise funding for its charitable causes.
Brokers’ Incentives
As for the broker’s commission, it is based on the total financial benefit to the seller. As stated earlier, the total financial benefit is a combination of the cash amount and the federal and tax savings. The selling broker’s commission is usually based on the seller’s total financial benefit which is often near the list price.
Smart brokers looking to grow a business and their clients’ best interest should be informed about the Bargain Sale. Commercial transactions totaling over $8 billion are completed every year in the form of the IRS Section 170 Bargain Sale.
Welfont Can Help
Welfont has a wealth of experience with the Bargain Sale. We are the experts with over 10 million square feet of acquisition in more than 30 states. We are familiar with the Bargain Sale Appraisal process and can help you achieve the most in cash and tax deductions for your asset. If you would like more information, please visit our FAQ page or email us at info@welfont.com. We can help provide answers for your specific property.
Written by The Welfont Group, LLC
The content found on this Welfont.com page is for educational purposes only and is not intended to constitute legal, financial, or tax advice. Please consult your attorney, accountant, tax or other advisers before acting on any information found here.
by Joseph Garnett | Jun 15, 2018 | blogging
In the 1980s and 1990s, many U.S. businesses moved their manufacturing operations overseas. When they departed, they left a series of old industrial buildings in their wake. Now, however, many of these factories are in hot demand. The repurposing of these old industrial buildings often sparks a community renaissance, potentially driving up real estate prices and boosting economic activity. The following three examples show how reviving an older building stimulated the economic growth.
The Pratt Street Power Plant, Baltimore, MD
The Pratt Street Power Plant was built in the early 20th century. The plant was once a main source of power for the United Railways and Electric Company. However, during the 1980’s, the building was retired and left abandoned for many years. After two unsuccessful attempts at redevelopment, the power plant is now home to offices, stores, and restaurants. Situated right in the downtown of Baltimore, the refurbished building has provided much-needed economic stimulus to the city.
U.S. Steel South Works Building, Chicago, IL
The U.S. Steel South Works building first opened in 1882 as the North Chicago Railway Mill Company. U.S. Steel South Works later purchased it years later. The steel factory was a major source of jobs for residents of South Chicago. However, the mill began to shrink in the 1970s and eventually closed in 1992. Jobs were cut and the surrounding area became economically depressed. Today, the site is a recreational space that honors the area’s past while also meeting community needs. Repurposing the old factory has boosted property prices in the surrounding area.
The Long Island Power Station, Queens, NY
Built in the early 20th century, the Long Island Power Station provided power for the Long Island and New York City transportation networks. In the 1950s, different parties bought the power station’s buildings. By the early 2000s, much of the infrastructure was in disrepair. However, the buildings were in an excellent location, located on the edge of the Queens’ Historic District in the Hunters Point neighborhood. Developers decided to repurpose the power station into high-end condominiums, which provided a major boost to the surrounding area’s economy, significantly increasing property prices.
Using the IRS Section 170 Bargain Sale for a Community Renaissance
If you have a performing asset, an older industrial building or distressed property, the IRS Section 170 Bargain Sale may provide a means to stimulate the local economy’s growth. The Bargain Sale is an excellent way for a seller to give back to his or her community through helping a federally-recognized nonprofit. The Bargain Sale also allows the seller to receive cash at closing and receive the remainder of the property value as tax deductions for up to five additional years.
How it Works
The cash portion of the purchase consideration tends to significantly lower than the property price and/or valuation. This situation allows new owners a much-reduced basis. The redevelopment and repurposing buildings would otherwise be financially unfeasible to redevelop. It can be a win-win-win: Win for the Seller who receives significant value through cash and tax deduction, a win for the nonprofit who can use the proceeds from a subsequent sale to fund its mission, and a win for the community as the reduced basis allows for properties to be financially feasible for redevelopment and/or repurposing.
To learn more about the IRS Section 170 Bargain Sale and explore whether it may be a good option for you, be sure to visit Welfont.com for more information and resources.
The content found on this Welfont.com page is for educational purposes only and is not intended to constitute legal, financial, or tax advice. Please consult your attorney, accountant, tax or other adviser before acting on any information found here.
