Specialty Fabrics Review December 2020 - 45

and when selling the business and they are
particularly helpful for securing financing.
It should come as no surprise that more
deductions are disallowed by the IRS
for lack of substantiation than for being
nondeductible. But, while the IRS doesn't
require receipts for expenditures of less than
$75, most tax rules do require many expenses
be documented-a chore in anyone's book.
The IRS doesn't require a business to keep
records in a particular manner. So long as it
produces an accurate accounting of income
and expenses, the method best suited to the
business can be used. However, since every
business will benefit from more rigorous
and accurate record-keeping, that can
mean investing in the most effective-and
affordable-record-keeping system.
FIND A PRO
Now might be a good time to shop around for
a tax pro. While most specialty fabrics business
owners and managers know their operations

inside and out, there are highly technical
matters of law, accounting, management and
marketing that are usually best handled by
outside experts.
The first step to finding the right tax
professional requires an inventory of what
you and your business actually need in the way
of services and advice and, most importantly,
how much you can afford to pay for that
advice or services. And the best way to find
someone to render needed advice or guidance
is via a referral from business associates, your
banker or your attorney.
While 2021 is knocking on the door,
there is still time to make changes that
could save your business-and you-money.
With or without professional assistance, you
can realize maximum tax savings for 2020
and, hopefully, many years to come, with
thoughtful year-end tax planning.

WANT MORE? WE HAVE IT!

Search taxes at
www.SpecialtyFabricsReview.com

Mark E. Battersby writes extensively on business,
financial and tax-related topics.

MARKETPLACE
HELP WANTED

FOR SALE
FOR SALE

FOR SALE - NEW LARGE GEO WINDER

40-year-old specialty fabrics manufacturing
business located in the Eastern US. Business
enjoys a defensible market niche versus
domestic and foreign competitors. Lots of upside
potential. Owner ready to retire. Sale includes
~$3 million in fixed assets, ~$500k sellable
inventory, ~$300k annual discretionary earnings.
Asking $3,000,000.

7 ft wide x 8 ft diameter; 3,500 pound weight
of roll; Linear actuated rewinder; Web center
control rollers; Adjustable Tension control with
Nitride rollers; Safety rope; Tidland air shaft
and safety chucks; SEW 10 HP motor. Asking
$125,000.

Call Chris Mitchell at 404-600-1205
or email: cmitchell@tworld.com
for more information.

Contact Jason B. at (612) 998-1761

COMMISSION SALES REPS WANTED
Neoprene Sheets, Hook & Loop,
Webbing, Elastic, Zippers, Buckles,
TPU Medical Fabrics & Hot Melt Adhesive
Many territories available. Established
in 1985, large inventory for fast delivery.
Please visit www.perfectex.com.
Please send resume to:
E-Mail: info@perfectex.com
Fax: 714-893-9339
Or call 1-800-326-1288 ext. 116 Konrad

FIND A JOB? POST A JOB?
Visit ifai.com/jobs to find employees and job
postings for the textile industry!
For more information on classified advertising in
IFAI's Specialty Fabrics Review contact Michelle Cook:
651 225 6957 | MLCook@ifai.com

IFAI Career Center

www.SpecialtyFabricsReview.com 45

1220RV_p40-49.indd 45

11/19/20 5:04 PM


http://www.SpecialtyFabricsReview.com http://www.perfectex.com http://www.ifai.com/jobs http://www.SpecialtyFabricsReview.com

Specialty Fabrics Review December 2020

Table of Contents for the Digital Edition of Specialty Fabrics Review December 2020

Specialty Fabrics Review December 2020 - Cover1
Specialty Fabrics Review December 2020 - Cover2
Specialty Fabrics Review December 2020 - 1
Specialty Fabrics Review December 2020 - 2
Specialty Fabrics Review December 2020 - 3
Specialty Fabrics Review December 2020 - 4
Specialty Fabrics Review December 2020 - 5
Specialty Fabrics Review December 2020 - 6
Specialty Fabrics Review December 2020 - 7
Specialty Fabrics Review December 2020 - 8
Specialty Fabrics Review December 2020 - 9
Specialty Fabrics Review December 2020 - 10
Specialty Fabrics Review December 2020 - 11
Specialty Fabrics Review December 2020 - 12
Specialty Fabrics Review December 2020 - 13
Specialty Fabrics Review December 2020 - 14
Specialty Fabrics Review December 2020 - 15
Specialty Fabrics Review December 2020 - 16
Specialty Fabrics Review December 2020 - 17
Specialty Fabrics Review December 2020 - 18
Specialty Fabrics Review December 2020 - 19
Specialty Fabrics Review December 2020 - 20
Specialty Fabrics Review December 2020 - 21
Specialty Fabrics Review December 2020 - 22
Specialty Fabrics Review December 2020 - 23
Specialty Fabrics Review December 2020 - 24
Specialty Fabrics Review December 2020 - 25
Specialty Fabrics Review December 2020 - 26
Specialty Fabrics Review December 2020 - 27
Specialty Fabrics Review December 2020 - 28
Specialty Fabrics Review December 2020 - 29
Specialty Fabrics Review December 2020 - 30
Specialty Fabrics Review December 2020 - 31
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Specialty Fabrics Review December 2020 - 33
Specialty Fabrics Review December 2020 - 34
Specialty Fabrics Review December 2020 - 35
Specialty Fabrics Review December 2020 - 36
Specialty Fabrics Review December 2020 - 37
Specialty Fabrics Review December 2020 - 38
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Specialty Fabrics Review December 2020 - 40
Specialty Fabrics Review December 2020 - 41
Specialty Fabrics Review December 2020 - 42
Specialty Fabrics Review December 2020 - 43
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Specialty Fabrics Review December 2020 - 45
Specialty Fabrics Review December 2020 - 46
Specialty Fabrics Review December 2020 - 47
Specialty Fabrics Review December 2020 - 48
Specialty Fabrics Review December 2020 - 49
Specialty Fabrics Review December 2020 - 50
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Specialty Fabrics Review December 2020 - 54
Specialty Fabrics Review December 2020 - Fabrication card
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