improvements

Many commercial building owners want to increase the efficiency of their buildings while going green. In this episode,  Adam Torres and Hetal Parekh, Founder of EnerYields, explores how commercial building owners can cost effectively make improvements to their buildings.

Follow Adam on Instagram at https://www.instagram.com/askadamtorres/​ for up to date information on book releases and tour schedule.

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I thought I follow-up this week with rental income tax tips for those of you that are landlords or considering becoming landlords. For tax purposes you need to be sure you document all your money coming in and going out of the rental property. That means giving receipts and keeping copies of the rent payments you collect. Keep in mind that generally you must report rental income on your tax return in the year you actually receive it. If you collect some advanced rent, such as someone paying two or three months’ rent upfront, you would again report this for taxes in the year you receive the payment, regardless of when that rent would’ve been due.

Now security deposits are handled a bit differently. Like income when you receive a security deposit, you need to record it and provide a receipt. But if you plan to return the deposit to the tenant at the end of the lease, it is not income. So you do not report it on your tax return. If in the end you keep part or all of the security deposit because your tenant doesn’t live up to the terms of the lease, then you would report the amount you kept as income that year. If your tenant gives you property or services instead of money as rent, you need to include the fair market value of the property or services as rental income. Also, if the tenant pays any of your expenses than those payments are also rental income. In this case you record what the tenant paid as income, and then claim the expense on your taxes as well.

Generally, the expense of renting your property out like maintenance, repairs, insurance, property taxes, interest if you have a mortgage on the property, advertising for new tenants can be deducted from your rental income which lowers the amount of income you have to pay income taxes on. 

One area that can be confusing especially to new landlords, is how to treat improvements to the property for tax purposes, as opposed to maintenance and repair. One way to look at whether something is a repair or not is ask yourself if what needs to be done makes the property livable, but doesn’t increase the value of the property. Good examples are repairing holes in the wall from nails, unclogging a drain, or fixing the leak in a roof.

One way to know if something is an improvement rather than a repair is whether or not it improves the value of the property. If it does or it way extends the life of the property, then it is considered a long-term asset and deducted over years instead of all at once. Improvements can be things like replacing a roof, renovating the interior, or replacing a heat pump instead of fixing it. So for example having a repairman come out to fix a broken washing machine is repair. Buying a new washing machine is an improvement. 

The key difference for tax purposes as the entire cost of a repair can be deducted as an expense in the year you do it. The cost of improvements cannot be deducted as an expense all at once. You have to claim part of the expense each year over the life of the improvement. This is called depreciation. Different improvements are depreciated over different lengths of time which are set by the IRS. And there are extra forms to fill out with your taxes for each improvement. 

In addition to improvements, the price you paid for the rental property (not including the value of the land it sits on) is also depreciated. In this case for 27 ½ years. So each year you will claim depreciation for the rental property itself, as well as each of the improvements you make, each on its own timeline. This can be a bit complicated and this would be a good time to discuss it with the CPA. Or if you still want to do your own taxes, dive into IRS publication 527, Residential Rental Property.

 If you have any questions or comments, please drop me a line at katie@moneypilotadvisor.com

In a tough hobby full of myriad choices and sometimes wanton expense, there are a range of things to think about adjusting based on what’s already there.

Instead of suggesting new speakers or recommending component matching for synergy, the guys are looking at five ways a good system can be improved as it stands already.

Specific approaches and ear-approved moves are mentioned which have made serious differences for Darren and Duncan in their systems, and while you may think this is a topic that has been covered in detail before, it’s highly possible some new ideas might be lurking in their audiophile-friendly list.

Make sure and listen through to the end, where, after the most important item is broken down, the guys take a few minutes to talk about this week’s album recommendation, which is a really delightful listen.

This podcast is powered by CommonGround Cables Whisper power cable. Read customer reviews and order your own at www.commongroundcables.com.

Find all of our album recommendations in one place, at www.thehifipodcast.net.

Artificial intelligence is a hot topic in many business circles. But what can “scaleable value” mean to a business's bottom line? In this episode, Adam Torres and Gary Melling, President & CEO at Acquired Insights, explore potential process improvements that can lead to better business results.


Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule.

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Episode #030

• We go back and listen to all our first episodes

• There were a few surprises along the way

• We celebrate our first Patreon subscriber Cliff from Glockaholics Anonymous!

What did we learn?

• That we did intros that were way too long back then

• We fell in love with our theme music in the beginning but go over it after a few years

• We did a lot of experimentation and think that experimenting with your podcast is what keeps it interesting

• Kyle announces that “time wounds all heals”, which Tim translates into meaning that you “do get better with time”.

Supporter Shout-Out

• A big thank you to Cliff from the soon-to-be-released Glockaholics Anonymous podcast! Thank You, Cliff!

• If you would like to help out the show, please become an awesome subscriber like Cliff!

Quotes

“When we create something, we think, ‘Will our customers thank us for this?’ I think it’s important for all of us to be thinking about whatever marketing we’re creating; is it really useful to our customers? Will they thank us for it? I think if you think of things through that lens, it just clarifies what you’re doing in such a simple, elegant way.”
― Ann Handley

Support the Show

Every episode is a work of passion that requires a lot of coffee! We research, read, record, mix, edit, and produce every episode ourselves.

We would greatly appreciate it if you could do two things for us:

1. FEEDBACK: Send us a quick note of encouragement to us. This keeps us going when times get tough!

2. VISIT: If you enjoy this podcast, please consider visiting our website at podwrecked.com!

Thank you for taking the time to listen. You are appreciated!

Tell Your Story

Podwrecked is an Oncetold Production. Tell your own story with Oncetold.

This episode we reflect on the past sixish months and how we have grown. In life we all have setbacks, major life changes and we have to learn to manage and readjust. So many things can happen in a short amount of time, so it is important to practice self-care. You can start with something as simple as lighting a candle. Tune in to hear more ways about how we practice self-care!

Thank you for listening and please remember to rate, review, and subscribe!!!

You can visit our website at:
https://these4wallspodcast.com/

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@these4walls_

@sydnieraelynn

@taelor__a

https://bengreenfieldfitness.com/ELDOA

Four months ago, a guy knocked on my front door. He'd flown all the way up from Alabama to my house to train me in a new method of movement and deep fascial stretching that I had never before encountered…something called the "ELDOA Method". Now don't get me wrong: I've done my fair share of mobility training. For example, in the article "The 5 Essential Elements of A Training Program That Most Athletes Neglect – Part 3: Mobility",  I delve into how, on a weekly basis, I engage in everything from active stretching to yoga to foam rolling to traction to deep tissue massage and beyond. But Jacob Schoen, the guy who showed up at my house (and my guest on today's podcast) and trained me for eight solid hours over the course of a weekend, introduced me to this new form of extremely intensive "stretching", and helped me discover something I now take breaks from work to do each day and one of the best ways to eliminate low back pain, heal the spine, and get a full body myofascial stretch. It looks like this: Jacob Schoen is the owner and founder of SHIFT Sport and Wellness in New Orleans, La. Jacob is currently studying in the programs of a guy named Dr. Guy Voyer and is using this education to change the way people approach and associate with their pain or performance. By focusing on the purpose, precision, and quality of exercise Jacob inspires people to “move more aware” in the gym and in life. He hopes that by creating awareness in the individual through movement that he can create momentum towards a more connected and conscious culture of health.

During our discussion, you'll discover:

-How Jacob discovered ELDOA after a series of injuries and poor movement patterns developed from cycling and triathlon...[9:47]

-Why ELDOA is like using an inversion table on your whole body...[15:15]

-What it means to create space within your joint s (and why joints aren't "stacked" the way you would think they are)...[18:30]

-On a physiological level, what does ELDOA do, exactly? [22:45]

-Why most stretching practices or techniques don't actually target your myofascia, and how ELDOA does...[25:30]

-How stretching your wrist and big toe at the same time can, surprisingly, decompress your actual spine...[29:20]

-What a sample ELDOA session actually looks like...[31:45]

-What it means to "normalize" your muscle tone...[41:12]

-What you probably don't know about the bones in the skull and why your jaw and skull bones are so important for decompressing your spine...[45:19]

-How to self-adjust your jaw with a dowel...[50:15]

-Why Jake is not a fan of foam rolling and deep tissue work and why Ben is...[54:15]

-The #1 completely natural supplement you can take that is almost free and that vastly decreases back pain...[69:20]

-How often you should do ELDOA...[72:45]

-The best way for you to learn how to do ELDOA yourself...[77:00]

-And much more!

Resources from this episode: -Jacob's website ShiftSportWellness.com -ELDOAMethod.com -Some sample videos of a few of my favorite ELDOA stretches if you want to see what ELDOA training looks like: -T6-T7 -T8-T9 -L5-S1 -Jaw Realignment Therapy -The "Scrolling Under The Skin" video Jacob discusses -Why Foam Rolling is NOT Myofascial Release -Architecture of Human Living Fascia: Cells and Extracellular Matrix as Revealed by Endoscopy -SOMAFinder.com to to find an ELDOA workshop near you

Do you have questions, thoughts or feedback for Jacob or me? Leave your comments at BenGreenfieldFitness.com and one of us will reply!

See omnystudio.com/listener for privacy information.