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COVID-19 VS. SMALL BUSINESS

By Denver Burdette

While these are certainly challenging times with the safety and health of all citizens of paramount importance, we should consider that a major part of the financial health of many rests with our local small businesses.

Some facts to consider; out of 28.7 million businesses in the United States, 99% are considered small business. 88% of small businesses employee fewer than 20 employees. 40% of small business owners have less than $100,000 to get through emergencies. I would submit that these small businesses are our local heroes and the backbone of the towns we call home. They serve our local communities willingly, their owners and employees are often underpaid, unappreciated and their contribution is too often unrecognized.

Yes it’s true that small business owners are being encouraged to apply for SBA loans. This can take up to 3 months for approval and obviously results in an obligation to service more debt. Some are anxiously awaiting new legislation to provide relief for small business. If and when that is achieved, it will take time for that to filter down to those who need it most. In the meanwhile, small business tax obligations continue. Yes, the payment of income tax liability has been extended to July of 2020. For those making quarterly tax deposits, the hardship of loss of income from your business is compounded.

But what if you could achieve a reduction or even elimination of taxes due? There is a federal incentive program for commercial property owners that

About the author: Denver has been a resident of south Florida since 1973. He and his wife Karen moved to Wellington in 1994 and continue to call the western community their home. Denver has served as a member of the following groups: Talk of the Town Toastmasters (board member), Palms West Chamber of Commerce, Wellington Chamber of Commerce, Rotary Club of Wellington, LeTip business networking group (membership chair) and West Palm Beach Business Referral Club. From 1987 to 2010, Denver’s insurance agency served the insurance and financial services needs of south Florida high net worth retirees. Denver and his wife have been part time real estate investors since the early 2000’s and are still active today in purchasing as well as brokering non performing real estate loans. Vacant land is also part of their investment focus. Denver and D.H. Burdette & Associates, Inc. are independent advisors for Stryde Solutions, LLC of Fenton, Mi. He is currently 1 of 500 advisors nationwide for Stryde that focus on helping business owners increase cash flow, improve their bottom line, and ultimately increase the value of their business. Since 2004 Stryde and it’s advisors have identified over $4 billion in benefits for business clients.

has been around for years. And yet it’s widely under utilized and often unrecognized.

For restaurants, car dealers, funeral homes, hotels, and manufacturers that own commercial property, 95% nationwide have not taken a d v a n t a g e of cost segregation. Especially in hard times this can result in a significant c a p i t a l infusion for businesses that are struggling. Cost segregation can result in substantial reduction if not elimination of taxes due. And obviously every dollar not paid in taxes, could now be used to fund the emergency your business is facing. submission questioned by the IRS.

For those business owners who are experiencing loss of income, possibility of laying off employees, and questioning their ability to keep the doors open, I encourage you to call me to discuss details to determine if cost segregation is an appropriate tool to provide emergency relief for your business.

To observe social distancing in these trying times, free demonstrations with our proprietary software to project benefits for your business can be done online via screen share. Feel free to contact me at 561- 798-5559 or 561-379-4729(cell). Extended business hours are now 8:30a.m. to 6:00p.m.

Want to check things out before we have a conversation? That’s quite ok, simply visit HTTPS:// EmergencyBusinessRelief. com/338109 to visit our Corona Virus Tax Relief website.

Cost segregation will require an engineering study to generate a feasibility study. This study will be submitted to the Internal Revenue Service to prove your case. This is simply accelerated depreciation on component parts of your property. Our firm will arrange for the study to be completed at our cost. In addition to the feasibility study, clients will receive an audit defense report. Since 2004 we have not had a cost segregation Here’s wishing everyone a safe and healthy navigation over the trouble waters of Covid-19.

Neither Denver Burdette, D.H. Burdette & Associates, or it’s affiliated companies are authorized to provide tax advice. All business owners are encouraged to coordinate any recommendations with your tax professional.

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