Masonry Magazine October 1999 Page. 24
TIME IS MONEY
CUT CLEANING TIME BY HALF OR MORE
ON YOUR MASONRY JOBS
AVERAGE SQUARE FEET OF NEW BRICK CLEANED
BY ONE MAN IS USUALLY 2000-3000 PER DAY
WITH CONSISTANT RESULTS
DON'T LET A BAD CLEANING JOB REFLECT ON
YOUR SUPERIOR MASONRY WORK
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Phone 800-274-4121
www.kem-o-kleen.com
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400 Rivers Road
Centerville, TN 37033
800-251-8177
Faxt 931-729-9977
800-251-8177
"deposit required
Profiting from Loses
Continued from page 18
losses on the tax return for the year in which the loss occurred or (2) deducting the loss on the tax return for the preceding tax year. Of course, the election to deduct a 2000 disaster loss in 1999 must be made on or before the due date of the contractor's 1999 tax return (April 15, 2000 for sole-proprietors and March 15, 2000 for calendar-year corporations).
At-Risk Rules
Our tax rules limit the deductible loss to the amount that the contractor has at-risk. This limitation, which applies to individuals and certain closely-held corporations, are designed to prevent taxpayers from offsetting trade, business or professional income by losses from investments in activities that are largely financed by nonrecourse loans for which they are not personally responsible.
Under the at-risk rules, loss deductions are limited to the amount of the taxpayer's cash and property investment in the activity, plus any amounts that the masonry contractor borrowed personally for use in that activity.
Profiting From Losses
No contractor wants to incur any type of loss in the business operation. However, as mentioned earlier, with so many different types of losses recognized by our tax laws, few masonry contractors can escape them. Learning from those losses so they won't occur again is merely a function of good management. The masonry contractor who uses those losses to the fullest extent of our tax laws, is one who will actually profit from those losses.
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