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November 18: WE HAVE EXCITING NEWS! On-Line Payment Now Available
September 01: Is Your Self Storage Unit Ready for Fall?
- 09/01/2017 at 6:00 am
- 04/08/2020 at 11:30 pm
- Before you know it, summer will be over and the cool, crispfeeling of fall will be upon us. If you already store with us, now is theperfect time of year to get into your self storage unit and give it a check-upto make sure it is ready for fall. If you are planning to start using selfstorage this fall, it’s a great time of year to move things into storage withthe cooler temps and lower humidity.
Here a few steps we recommend you take to ensure that yourvaluables are in good shape after surviving the hot summer months, and while instorage during the fall and winter months.
After the heat and humidity of the summer, and, If you used adrive-up storage unit all summer long, you really need to get in there and checkthat everything is in good shape – especially if you rarely visited. No matterwhat type of storage unit you have, be it drive-up, inside access ortemperature controlled, this is an important step to take when the seasonschange.
Everyone knows the saying, “Out of sight, out of mind.” That canbe the case quite often when using storage. Come visit your unit andre-familiarize yourself with is contents. If you haven’t visited in a while,it’s easy to forget what you have tucked away in there. Now is the time toreplace the container of Damp-Rid you placed in there during the spring. Thiswill help keep the moisture levels inside your storage unit as low as possibleand help prevent mold or mildew. If you simply gathered free boxes from thegrocery store to pack away your stuff and they are falling apart now, you mayneed to purchase some new ones. Greystone Self Storage is fully stocked packingand moving supplies, including a variety of boxes that resist crushing, willstack nicely and are specially treated to help prevent mold and mildew.
We suggest that you use a disc lock to provide the mostefficient security for your unit. Disc Locks have been created specifically forthe storage industry and will provide your valuables the most protection andkeep your mind at ease.
Is your door bulging, drooping or squeaking when you open andclose it? This is very unlikely, but if you do notice anything of this nature,please stop in the office and notify the property manager in our businessoffice. We can then have our maintenance team take a look and keep everythingin tip-top shape.
If you store with us all year long, the fall months are theideal time to pack away your patio furniture, pool accessories, and, summergear in preparation for winter. You can also move your lawnmower and other yardequipment and tools into storage since you won’t be mowing the grass inNovember (well, let’s hope not!). Just remember that you need to drain thetanks of gas, oil and other flammable liquids before placing them into storage.
While you are packing away the summer gear, be sure to unpackthe winter gear and take it with you. Make sure your sweatshirts and comfyjeans are pulled from storage and placed into rotation in your closet; and youmove the tank tops, sandals and swimwear into storage. Don’t forget to takeeverything you plan to use frequently during the cold months that should eithergo with you, or, be moved close to the door so it is ready when you need it.
Call the experts at Pinson Valley Self Storage for more tips andadvice to help with your Fall storage!
September 21: Summer Items You Should Store This Fall: Which Will You Choose?
- 09/21/2017 at 6:00 am
- 09/20/2020 at 6:00 am
October 10: LOCKS - Does it really make a difference?
- 10/10/2017 at 12:22 pm
- 10/10/2020 at 12:00 am
February 06: SELF STORAGE UNITS ARE THE BEST FOR SMALL BUSINES OWNERS, AREN’T THEY?
- 02/06/2019 at 9:47 am
- 02/06/2020 at 9:47 am
SELF STORAGE UNITS ARE THE BEST FOR SMALL BUSINES OWNERS,
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 USED?”
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