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February 06: SELF STORAGE UNITS ARE THE BEST FOR SMALL BUSINESS OWNERS, AREN’T THEY?

    1. Start:
    2. 02/06/2019 at 8:30 am
    1. End:
    2. 12/31/2019 at 5:30 pm
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    2. SELF STORAGE UNITS ARETHE BEST FOR SMALL BUSINESS OWNERS, AREN’T THEY?

      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 USE?

      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.

      Solet’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

      SpareFoot Blog

March 04: Keeping Your Self-Storage Unit Organized Easily

    1. Start:
    2. 03/04/2019 at 6:00 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
    2. Keeping Your Self-Storage Unit Organized Easily

      It is all too easy for a self-storage unit to end up looking like that closet you are afraid to open, or that corner of the garage you’ll tidy up some day. Protect your valuables and save yourself some stress by following just a few easy steps listed below for an organized self-storage unit.

      Make a List

      Start out with a list of every item you are storing. This is helpful to do before you start filling your unit. Having it all laid out in front of you will help you plan where to place each item to maximize the amount of available space. The list can later hang inside the unit to remind you of which items you stored.

      Make a Map

      Make a simple map of your storage unit as you pack it up. Three months from now when you are searching for your summer clothing or those tax papers from three years ago that map will save you the stress of having to tear apart the entire unit.

      Pack Properly

      Plan ahead when you’re packing. You can save space by placing boxes on bookshelves or small items inside a washing machine or dryer. Organized just right, you’ll be amazed at how much you can fit inside your storage unit.

      Label Everything

      While this step may seem obvious, it is often overlooked, especially if you are packing in a hurry. Even if you only have a few items to store now, it is still important to label each box accurately. You may add to your stored items later and those boxes could be easily mislaid if they aren’t labeled clearly.

      Protect Your Valuables

      There are several ways to protect valuable items, including important papers, in your self-storage unit. The most important step is careful packing. Make sure you provide ample padding to breakable items and label delicate boxes.

      If you are storing clothing, furniture, instruments, important documents, artwork or electronics you should consider renting a temperature-controlled storage unit to prevent damage from extreme temperatures or humidity.

      Use a Storage App

      It seems there is an app for just about everything these days, and self-storage is no exception. There are a variety of apps that can help you stay organized. One example is called Moving Day. As you pack and load up each item you can easily categorize it with the app. Moving Day even lets you assign values to each item in case you have to make an insurance claim one day.

      Call the experts at Greystone Self Storage to learn more, 205-991-5123.

March 06: Spring Forward: 8 Smart Tasks To Do Every Daylight Savings Day

    1. Start:
    2. 03/06/2019 at 6:00 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
    2. Daylight savings time rolls around twice a year for most of the country, and while it may moderately disrupt your sleep schedule for a few days, the event is an excellent reminder to tackle those infrequent chores. The days are slowly getting longer from now until the summer solstice, leaving you plenty of time to check off a few extra tasks. Add add these eight tasks to your daylight savings time change to-do list.


      1. Wash your windows. It’s an arduous chore that, thankfully, needs to be done only periodically. “Unless you have pets or small children who leave smudges, you may not need to clean the inside of the window,” says Donna Smallin Kuper, a certified housecleaning technician and small-space expert. (Pro tip: You can hire someone to do this for you for around $100.)

      2. Clean under rugs and appliances. Roll up your area rugs and vacuum underneath them. Pull out your stove and refrigerator and do the same. It’s also a good idea to gently vacuum your refrigerator coils, which will keep the fridge running properly. Be sure to unplug the fridge before doing this, and consult your user manual to find the location of the coils.

      3. Clean for safety. The daylight savings time change is a good reminder to change the batteries in smoke and carbon monoxide detectors. But while you’re at it, remove and wipe the detector cover with a damp cloth, then vacuum the interior to remove any dust particles, says Smallin Kuper. Check your dryer vents too, to make sure they are lint-free.

      4. Swap out your winter bedding. Remove your winter quilts and sheets and replace them with lighter-weight bedding. “Always launder these items before storing,” advises Smallin Kuper, adding that it helps keep moths at bay.

      5. Clean those hard-to-reach places. Working from high to low, start by wiping down ceiling fans and the tops of bookcases and other furniture with a duster that has an extending pole. Gently clean the inside of light fixtures and wipe down (cool) light bulbs to remove grime. Finally, dust baseboards and windowsills with a slightly damp microfiber cloth.

      6. Deep-clean carpets and rugs. If you haven’t done this before, it’s a sound idea to start now. “Many carpet manufacturers will void the warranty on carpets if they’re not professionally cleaned at least once every 12 to 18 months,” says Smallin Kuper.

      7. Declutter. Start with the obvious places, like your closet or junk drawer, but don’t skip the often-forgotten ones, like your bathroom and pantry. Go through your medicine cabinet and toss expired medications. Open up your cosmetic bag (or drawer) and throw out anything that looks a little grungy, and if you haven’t changed your toothbrush in a few months, swap it out for a new one. Toss anything in your pantry that’s expired and give your utensil drawer a once-over — are the knives too worn or in need of a little sharpening? Is there anything there that should be tossed?

      8. Clean your appliances. Wipe down the door of your stove, dishwasher, and fridge with warm, soapy water. Turn on the self-clean cycle in your oven and then tackle the inside of your dishwasher with a toothbrush and hot, soapy water, making sure to clean the rubber seal inside the door. Wipe away any debris with a leftover sponge, put a cup full of white vinegar on the top rack, and run a full cycle. When the cycle is done, wipe the inside of the dishwasher with a soft cloth.

August 14: YOUR SELF-STORAGE ACCOUNT AND HOW IT WORKS

    1. Start:
    2. 08/14/2019 at 8:30 am
    1. End:
    2. 12/31/2019 at 5:30 pm
    1. Description:
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      YOUR SELF-STORAGE ACCOUNT AND HOW IT WORKS
      How to avoid those dreaded late fees each month on the 6th and the 15th!

      Invoices are sent to your email address as reminder a week in advance.

       

      YOUR BILL - MANY WAYS TO PAY

      Choose AutoPay and never worry about missing a payment. Once set up, we will automatically debit your bank account, VISA, MasterCard, Discover, or American Express when your bill is due each month. To pay online: Simply use your www.greystoneselfstorage.com online account and click on the Pay online link.

       

       

      PAYMENT TERMS AND DUE DATES
      Your rent is due on the 1st of each month and late on 6th and 15th. It's best to pay your rent on time and in full each month to avoid being charged a late fee. No partial payments.

       

      MAIL
      Send payment directly to Greystone Road Self Storage, 5345 Highway 280 E, Birmingham, AL 35242.  Please be sure to include your unit number on your check or money order ex: A186 or B149

       

      ON-SITE
      Pay in person at Greystone Self Storage —just provide your account number.

       

      PHONE
      Call (205) 991-5123 for credit or debit card payments. During the call, you will be informed that the receipt will be sent via email.

       

      VERY IMPORTANT - UPDATE CONTACT INFORMATION
      Be sure to keep your contact information current — your home address, phone number and email address. That way, we can always pass along any current news and goings-on at Greystone Self Storage, or, in case of any emergency.
      .
      PASSWORD
      Should you ever forget your password, you can click on forgot password and reset it.

       

      RESERVE ADDITIONAL UNITS
      Should you require more space, you can always reserve additional units.

       

      UNIT ACCESS
      Units are accessible any time 24/7.

       

      WHO CAN USE MY UNIT?
      You can decide how many people are allowed to use your unit. To ensure their unrestricted use of our property, please add the names of those with authorized access by visiting the office and leaving names and telephone numbers. You may also want to provide them with their own key code. We do keep a copy.

       

      KEY TO YOUR UNIT
      Units are secured with your own lock, and we do not keep a copy of the key. However, if your key is lost, please see your property manager for assistance with restoring access.

       

      MOVING OUT-OR CHANGING UNITS

      How to Change Unit Size
      If at any time you decide that a smaller or larger unit better suits your needs, please contact your property manager/assistant. They are experts at helping find the perfect storage solution for your situation and can assist with this transition.

       

      Notify Us
      We prefer a 10- day notice of your intention to move out. We recommend calling the office, notifying your manager of your desired move-out date. If you later decide you need more time, you can always change the move-out date or even cancel the notice and continue storing with us.

       

      MOVE-OUT DAY
      On your scheduled move-out day, simply remove your lock and make sure the unit is emptied of all contents and swept out. Finally, please let your property manager know when this is completed for their quick inspection and records.

       




       

       

       

       

       

September 16: Is Your Self Storage Unit Ready for Fall?

    1. Start:
    2. 09/16/2019 at 9:00 am
    1. End:
    2. 11/30/2019 at 5:30 am
    1. Description:
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      Is Your Self Storage Unit Ready for Fall?

      Before you know it, summer will be over and the cool, crisp feeling of fall will be upon us. If you already store with us, now is the perfect time of year to get into your self storage unit and give it a check-up to make sure it is ready for fall. If you are planning to start using self storage this fall, it’s a great time of year to move things into storage with the cooler temps and lower humidity.

      Here a few steps we recommend you take to ensure that your valuables are in good shape after surviving the hot summer months, and while in storage during the fall and winter months.

       

      Give Your Storage Unit a Check-Up!

      After the heat and humidity of the summer, and, If you used a drive-up storage unit all summer long, you really need to get in there and check that everything is in good shape – especially if you rarely visited. No matter what type of storage unit you have, be it drive-up, inside access or temperature controlled, this is an important step to take when the seasons change.

      Everyone knows the saying, “Out of sight, out of mind.” That can be the case quite often when using storage. Come visit your unit and re-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 to replace the container of Damp-Rid you placed in there during the spring. This will help keep the moisture levels inside your storage unit as low as possible and help prevent mold or mildew. If you simply gathered free boxes from the grocery store to pack away your stuff and they are falling apart now, you may need to purchase some new ones.Greystone Self Storage is fully stocked with packing and moving supplies, including a variety of boxes that resist crushing, will stack nicely and are specially treated to help prevent mold and mildew.

      We suggest that you use a disc lock to provide the most efficient security for your unit. Disc Locks have been created specifically for the storage industry and will provide your valuables the most protection and keep your mind at ease.

       

      Is your door bulging, drooping or squeaking when you open and close 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 business office. We can then have our maintenance team take a look and keep everything in tip-top shape.