Buyer for Magid Glove Building, Tax Planning Tips

Buyer for Magid Glove Building, New Listing on Bloomingdale, Tax Planning Tips
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incentives, workshops and seminars for operating and expanding your business. GNCDC values your opinions
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Tuesday Morning eNews
f ro m G R E AT E R N O R T H W E S T C H I CAG O D E VC O R P
Reaching out to Business and Industry since 1977......
December 9th, 2014 - Volume 2 - Issue 17
GNCDC encourages its members to submit short articles or announcements reflecting
their professional expertise, industry trends, or company news. Articles are printed
in the eNews at the discretion of the editors.
Local Moving Company
Acquires 'Warehouse of the Year'
Affordable Moving Company, a provider of residential and commercial moving and storage
services for nearly 30 years, has purchased the 377,000-square-foot building at 4500 W. Armitage,
formerly occupied by Magid Glove & Safety Company. Affordable Moving needed the new
building to accommodate its expansion,
according to a press release issued by
Cushman & Wakefield. Due to the
innovative material handling system,
which helped Magid Glove more
efficiently operate on multiple levels, the
building was named "Warehouse of the
Year" by Modern Materials Handling
magazine several years ago.
4500 W. Armitage - "Warehouse of the Year"
Affordable's current 138,000-square
foot building, which stretches across 4.39 acres at 5000 W. Bloomingdale in the Galewood-Armitage
Industrial Corridor, is now on the market. (see today's Real Estate Focus).
Meanwhile, Magid Glove, following a two-year search throughout Chicago and the surrounding
region for a site large enough to consolidate its existing two buildings, is relocating to the Village of
Romeoville in the southwest suburbs; the company purchased a 703,973-square-foot building on 35
acres for its headquarters and manufacturing and distribution activities. "Magid plans to add loading
docks, renovate office spaces and add other necessary infrastructure in order to accommodate its
expanding business," said Cushman & Wakefield's Brad Weiner who, with Paine Wetzel, represented
Magid Glove. "The company initially plans to occupy approximately 450,000 square-feet and offer
250,000-square feet for lease."
Magid's second Chicago building located at 3737 W. Hamlin, is slated to be.....
click HERE to continue reading.
Click for Affordable Moving
Magid Glove Bloomingdale Trail
REAL ESTATE FOCUS
Contact....
Kelly Disser
630.317.0721
[email protected]
Howard Bergdoll
630.317.0724
[email protected]
click HERE
for brochure, click HERE
5000 W. Bloomingdale Avenue
Year End Tax Planning Tips
from Graff, Ballauer & Blanski, P.C., CPAs
The end of the year is just around the corner and a perfect time to
consider a number of important tax related decisions, which
could save you some money
Section 179
Under section 179 capital assets purchased for your business can be
partially or fully expensed in the year of purchase. Thresholds and limits
change yearly; under the enacted law for 2014 the maximum limit is $25,000
and this limit begins to phase out after $200,000 of fixed assets are purchased.
Therefore there is an opportunity to save tax dollars by accelerating purchases
so they are in service prior to December 31, 2014.
Mike Blanski, CPA,
MST& Associate CFE
Review Receivables & Accounting Method
The right to receive income and actually collecting are two different things. If your business is
using the accrual method of accounting the Internal Revenue Service allows a deduction for bad debts
when the receivables become partially or totally worthless as the income has already been
recognized. It is not possible to deduct an allowance for bad debt, it must be a specific debt
determined to be partially or totally worthless. However if your business uses the cash basis of
accounting the only deduction that will be available upon a bad debt becoming worthless will be for the
cost of goods sold associated with the worthless receivable, because cash basis taxpayers do not
recognize income on their accounts receivable. No other deduction is available since the money you
should have received was never included in your income.
Dispose of Fixed Assets
If you have fixed assets, which are no longer being used in your business, and there will be losses
generated upon their sale (the tax "book value" is more than you will be able to realize upon a sale)
you should consider selling these assets before year end to realize the loss. The value of this will
depend on the type of business entity.
Get Credit Where Credit is Due - there are a number of pertinent tax credits...
To continue reading, click HERE.
Fourth Quarter Membership Dues Are Coming In....
Thank You to the following Renewing Members...
Advanced Equipment (drywall tools)
Alpha Baking (commercial bakery)
Chicago Dryer (commercial laundry equipment)
General Iron Industries (scrap yard)
Matthews Roofing (commercial and residential roofing)
Midwest Fence (contractor)
TEC Foods (restaurant supplies, food & beverage distributor)
GNCDC's Members....
Get a "live link" on our website and listing in our hard copy newsletter
Can submit company announcements in the weekly eNews
Kept up-to-date and notified of...
Resources & incentive programs to help strengthen their bottom line
Networking events, seminars and workshops leading to more business opportunities
Finally, they're part of a community of Northwest Side industrial companies
whose investment here brings jobs and opportunities to Chicago residents!
Click HERE for a membership application
Business Education Workshops
12/10 - Protecting Your Business from Legal, Insurance & Financial Risks
12/12 - Venture Finance - How to Access Capital for your Business
12/17 - Contracting 101 - Hot to Respond to a Request for Proposal (RFP)
12/19 - How to Start a Not-for-Profit
BACP offers a variety of workshops every Wednesday and Friday; conducted by
City officials, experts and partner business organizations. The workshops arefree and
open to the public and held at BACP's offices in City Hall - Room 805; 121 N. LaSalle
Street in Chicago's Loop. Click HERE for times and details and to register online.
Breakfast, Lunch or Dinner...
Eat in, BYOB....
Have it delivered...
Cater a party or event
"Serving the cuisine and flavor of
our country since 1990, has been
the ultimate dream turned reality
for our family. We feel fortunate to
have the unique opportunity to
share a wide sample of our
traditional homecooked foods to
the Chicago-land area."
Cerdas-Salazar Family
For Menu and More, click HERE
For Yelp reviews, click HERE
recommended by Kaushik Shah
Urban Partnership Bank
Affordable Care Act Webinars....
Putting the Puzzle Pieces....Together
The Small Business Administration and Small Business Majority are
presenting a free Affordable Care Act 101 webinar so small business owners can learn the basics of
the Affordable Care Act and how they can enroll in health insurance marketplaces.
Thursday, December 11th at 1PM CST - to register, click HERE
Thursday, December 18th at 1PM CST - to register, click HERE
50 Employees or Fewer? Check out SHOP...
the Small Business Health Options Program Marketplace
to offer health insurance coverage to your employees.
For details, plans and prices, Tax credit tool, FAQs and more, click HERE
Get a Thumbs Up from the Big Guy...
Join GNCDC. Click HERE to view the Who's Who of area businesses who
support GNCDC's mission of industrial retention and economic development.
Click HERE for a membership application
Click HERE to subscribe to Tuesday's eNews - it's free, timely and will keep you updated on
programs and events relevant to operating your business as well as what's happening in the area.
Are you a GNCDC member with news to share? Let us know about your products, services and
other company announcements; we'll do our best to include it in the eNews.
GREATER
NORTHWEST
CHICAGO
DEVELOPMENT
CORPORATION
visit our website
www.gncdc.org
Deborah Smith, Executive Director
[email protected]
Joan Soldwisch, Administrative Director
[email protected]
Office 773.637.2416 - Fax 773.637.2698
email [email protected]
GNCDC is a delegate agency of the City of Chicago Department of Planning &
Development. It serves the Galewood-Armitage, Pulaski and Northwest Industrial
Corridors - providing training, building improvement and development incentives to
companies within eligible Tax Increment Financing Districts.
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12/21/14 2: 45 PM; March 5th, 2011