With January coming to a close, take a moment to review your commercial real estate. Here are three important things to do to start of 2018 the right way.
Have you reviewed the new tax law?
The new tax law took effect on January 1, 2018 – if you haven’t reviewed it yet, you could already be making some mistakes. In particular, take a look at how “pass-through” entities are treated under this new law. You should also inquire whether your business qualifies for a 20% tax deduction on income and any limits that may apply.
Have you done a check-in for any maintenance issues?
Now is a perfect time to inspect your commercial real estate and plan for any necessary maintenance. Take a look at things, such as:
- Roofing;
- A/C units – better to complete preventative maintenance than wait for a break down in the hotter months;
- Plumbing; and
- Electrical.
Have you reviewed your legal documents?
When’s the last time you reviewed your financial and legal documents? Do you know if your loans will reach maturity this year? Do you have any template leases that may need to be updated? Read up on interest rate projections for the next year and expected trends in financing. Now may be the right time to refinance or update documents.
How many have you already been able to check off your list? With winter tending to be a slower season for commercial real estate, make these items a priority and check them off your to-do list as soon as possible.
If you think it’s time to update your estate plan, please contact us to schedule a Get Acquainted Call.