Recent Articles

How to prevent construction equipment theft

Construction companies need to take the proper steps to protect their fixed assets from theft. Heavy machinery used in construction operations is stolen most often because of the value of the equipment, as well as the fact that many work sites are not secured when workers leave for the night. While the estimated cost of heavy equipment theft in the U.S. is between $300 million and $1 billion per year, it's difficult to get an accurate count because of inconsistent data, according to Construction Equipment Guide. In any case, it's clear that fixed asset theft is a major cause of concern…

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Last-minute tax tips for business owners

The deadline for filing taxes is rapidly approaching, and small-business owners may still need to get their paperwork in order to account for all fixed assets. Citing data from the National Federation of Independent Business, Entrepreneur magazine said taxes are the No. 1 issue facing smaller companies. Some proprietors may have put off filing taxes until the last minute, but there is still a little time to learn about key deductions, tax breaks and credits offered by the IRS. However, there have been some changes in the past year that can make filing taxes even more complicated.  Although taking stock of…

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Account for ghost assets during tax season

Many businesses may have ghost assets and not even realize it. If a company has replaced the roof, HVAC equipment, walls, doors, windows, flooring, the front of a building or done a showroom remodel, the IRS' Tangible Property Regulation enable firms to remove demolished building parts from the depreciation schedule, according to Advantage Business Magazine. This allows business owners to to write down ghost assets and gain a significant tax deduction for the current year.  Through the IRS Tangible Property Regulations, business owners can stop depreciation on structural components that are no longer in service. In addition, the taxpayer does…

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How to account for depreciation of fixed assets

Fixed assets lose value every year they remain in use. Unfortunately, most machinery and equipment used for business purposes has a limited life span. Depreciation factors into tax write-offs each year over the course of an item's use, so business owners need to have a clear understanding of their fixed assets. While some firms write off more in the first year fixed assets are purchased, many choose to let depreciation totals accumulate over the years. Having more visibility into product life spans and depreciation enables companies to better prepare financially for when equipment needs to be replaced.  How to calculate depreciation Every…

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How to protect fixed assets from theft

Heavy equipment theft poses a significant threat to businesses. In 2013, 11,486 thefts of fixed assets were reported around the country, which was a 5 percent increase from 2012, according to a report from The National Insurance Crime Bureau. Texas had the highest number of reported thefts, with North Carolina and Florida following. Mowers, loaders and tractors were the three mostly commonly stolen types of equipment, and John Deere items were the most targeted. In addition, only 21 percent of stolen heavy equipment items were recovered, which made it expensive for insurance companies, rental agencies and equipment owners to get…

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