Author: Zeb Wright

Congratulations to the Dover Rotary Girls Softball Team!

| Zeb Wright

Dover Rotary Wins Division Championship Title

The top-seeded Dover Rotary girls softball team captured the Dover Youth Softball League’s 10U Division championship with a hard-fought, 7-5 win over Collins Sports Center at Shaw’s Lane in Dover on June 20, finishing the season with an impressive 13-1 record.
Mariah Ouellette started on the mound for Rotary and pitched two solid innings before being relieved by Charlotte Wensley, who closed out the game with two scoreless innings of her own. Addie Sheehan and Hannah Fitzgerald pitched admirably for Collins in the loss, combining to hold the potent Rotary lineup in check and keep the game within reach.
Rotary’s Jordyn March provided the game’s pivotal offensive blow, plating Sasha Elly with the eventual winning run with a two-out line drive single to right in the bottom of the second inning to break a 5-5 deadlock. Collins’ catcher, Sophia Cedrone, tagged out Rotary’s Ella Wasserman at the plate to end the inning and prevent further damage, thanks to a perfect relay throw by Sheehan.
Rotary added a lone insurance run in the third to pull ahead 7-5, and the scoring ended there as Collins’ fourth-inning threat fell just short. (Fosters)

Aaron Wensley, Account Executive for Kingswood Leasing, has been coaching local athletics for over 8 years in his home town of Dover, NH. Coaching gives Aaron the opportunity to focus on two of his passions – his family and love of sports. The Kingswood Leasing family could not be more proud of Aaron and his status as a role model in our community. Everyone at Kingswood Leasing would like to congratulate Aaron and the Dover Rotary Softball Team on their triumphant season!

Loan or Lease?

| Zeb Wright

Bank Loan or Equipment Loan or Equipment Lease?

Business owners have options when it comes to commercial equipment financing. The most common are bank loans, equipment loans, and equipment leases. This post will address the advantages and disadvantages of each.

What’s the difference?

Bank Loan

If you have a good credit history you can qualify for a bank loan. Depending on available terms at your bank, these loans can have the lowest payout. If you are buying new equipment and your dealer or bank qualifies you for promotional-rate financing, such as 0%-5%, take that money and run. No one can offer you better terms.

Advantages:

  • Typically the lowest payout over the life of the loan

Disadvantages:

  • Small credit window – 85% of applicants are declined
  • Typically require significant down payment
  • Normally require significant amounts of tedious documentation and income verification
  • Sales tax may be due upfront
  • May tie up available lines of credit
  • Process usually takes several weeks

Equipment Loan

Equipment loans can come in many different names; Equipment Finance Agreement (EFA), Capital Lease, Finance Lease, $1.00 Buyout… all are considered equipment loans by the IRS. The IRS does not classify these leases as “True Leases” because even though they incorporate the lease mechanism for the loan, the buyout is not significant enough to be considered a true lease. More recently equipment loans have been very popular because of Section 179. For example, depending on the tax year, businesses could immediately deduct the full cost of equipment, up to $500,000, against their taxes. They are also popular because these loans are easier to qualify for than bank loans, have less paperwork, and typically take much less time to fund.

Advantages:

  • Equipment Loans are Lease-To-Own – You own the equipment after completing agreed upon payment schedule
  • Easier to qualify for and less paperwork than a bank loan
  • Low to no down payment required
  • Similar finance terms as bank loans up to 5 years
  • Fast funding, in as little as 24 hours after signed documents are received
  • Immediate tax deduction available for cost of equipment

Disadvantages:

  • Payments are not fully tax deductible
  • Payments can be higher than a lease with a residual buyout
  • No option not to buyout equipment

Equipment Lease

The IRS classifies equipment leases as True Leases, which are the same type of transaction as leasing a car. With a True Lease there is a significant buyout, typically 10% – meaning if you lease a $25,000 piece of equipment, the buyout option would be $2,500. Equipment leases are popular because usually 100% of the payments are tax deductible. They also typically offer the lowest monthly payment option because you’re often only financing 90% or less of the equipment. This type of transaction does include a choice at the end of the lease term to either buyout the equipment, return the equipment, or continue renting the equipment.

Advantages:

  • Typically the lowest monthly payment option
  • Payments are usually 100% tax deductible
  • Easier to qualify for and less paperwork than a bank loan
  • Low to no down payment required
  • Similar finance terms as a bank loan up to 5 years
  • Fast funding, in as little as 24 hours after signed documents are received
  • Includes buyout options

Disadvantages:

  • In order to own the equipment the buyer has to pay to the residual amount not financed in the lease agreement

So which one is best and when?

Why Equipment Leasing Is Usually Better Than An Equipment Loan, But Not Always

This is why we have a job. We talk to customers every day looking to finance their next business equipment purchase, and every one has their own situation and experiences. With that being said, in many cases using an Equipment Lease to purchase equipment can have the greatest bottom line savings.

Let’s say you want to buy some equipment for $40,000 and finance it over the next 4 years…

Equipment Cost:    $40,000

Loan/Lease Term:    48 Months

Quoted Lease Payment:    $1,194

Quoted Loan Payment:    $1,261

Lease Residual:    10%

Your Tax Rate:    30%

                               Lease          Loan

Total Payments:   $57,312     $60,528

      Tax Writeoff:   $17,194      $12,000

After-Tax Payments:  $40,118     $48,528

     Residual:  $4,000      $1

Net Ownership Cost:    $44,118     $48,529

Total Lease Savings:   $4,411

This example shows how a borrower can save $4,411 simply by choosing an Equipment Lease over an Equipment Loan for the exact same piece of equipment. Buyers travel hundreds of miles to buy equipment for less when they can save thousands just by choosing to finance with a True Equipment Lease as opposed to a Bank or Equipment Loan.

Is A True Equipment Lease Always The Best Choice?

There is no one solution that is always the best in the world of business finance. That is why we here at Kingswood are ready to find the best solution for your specific situation.

If, for example, you are having an exceptional year and have abnormally high income, a faster depreciation may make a lot of sense. Our finance calculator automatically provides you with a free estimate on total bottom line equipment cost after a Section 179 deduction, so that you can see the potential savings before committing to any purchase. As always, check with your accountant before making any decisions. We are a finance company and are aware of these tax benefits, but only your accountant can tell you if this is the best tax application for your business.

Tax Lien Removals

| Zeb Wright

There Are Only Two Things Guaranteed In Life…

So you’ve heard this one? One thing is for sure – no one likes paying taxes. Just ask Wesley Snipes and Willie Nelson.

This credit tip won’t help Wesley and Willie, who owed substantially more than $25K in back taxes, but for people with federal tax liens under $25K, there is an IRS procedure that will remove these federal tax liens from a credit report. All one needs to do is make three payments on an agreed upon payment plan and submit the proper paperwork.

This is just another example of the assistance you can receive from our Credit Repair program. Good credit is a major factor in obtaining any loan, and the stronger your credit, the greater your ability to save hundreds to thousands of dollars of your money!

Our Credit Repair program works with you, not only to remove inaccurate and unverifiable items from the credit bureaus, but to increase your credit score. A stronger credit score will allow you lower rates for credit purchases.

Don’t live with a low credit score. To learn more, and start the process to increase your credit score, Apply Now to our Credit Repair program. A representative will contact you within 24-48hrs to discuss options specific to your credit history.

Common Credit Mistakes

| Zeb Wright

Common Credit Mistakes We All Make But Shouldn’t

Paying Off or Settling Collections

This is generally a bad idea, as it will cause your score to drop as your activity date gets renewed. However, let’s say an underwriter is forcing you to take care of it for a loan. We suggest paying off the collection account right before closing the new loan and provide the paid-off document to the underwriting department. This way the payoff doesn’t have time to negatively impact your score.

Closing Down Revolving Accounts

Most people do not realize that closing out trade lines can significantly lower credit scores. You need at least one revolving account to meet the minimum criteria of the scoring algorithms used by all three credit bureaus.

Paying Off Auto & Student Loans

When you pay off your installment accounts they close naturally, and then you lose your length of credit history. A better approach is to simply pay the minimum amount for as long as possible.

Student Loan Collections

Most student loans are government backed so they don’t just disappear after a certain amount of time. And very few lenders hand out significant sums of capital with student loans in collection status. Therefore, we suggest getting on a new payment plan and making sure that part of the payment plan includes a requirement that the status of the loan(s) be put back into good standing.

Acquiring Positive Credit

When it comes to building up credit history, don’t go nuts – less can be more. Apply for one secured credit card and use it sparingly each month. Make sure you have at least three open and active trade lines at any time. You can even try acquiring a couple of positive credit accounts from a close relative.

Disputes

Disputes are nightmares in the credit world. We work with a company that specializes in disputes. Our suggestion is to let one of our representatives handle any disputes that you may have. Knowing exactly what the laws are and having the experience and tools to actively handle a dispute can be the difference between a high and a low interest rate, or getting approved for financing at all. Let the people who specialize in this area take care of your disputes before they cost you more than they already have.

Request A Free Credit Consultation Now!

Don’t live with a low credit score or a disputed trade-line. Request a free credit consultation today and get the information you need to make an informed decision. A credit repair specialist will respond with a specific plan to improve your credit and present you options to move forward. There is no obligation to move forward, but if you do you will receive Kingswood’s promotional rate as a benefit. Learning what you can do to maximize your credit score can literally save you thousands of dollars of your own money. Don’t delay – request your free credit consultation today!

 

Kingswood Client Featured In Food & Drink Intl Magazine

Kingswood Client Featured In Food & Drink Intl Magazine
| Zeb Wright

Boston Showcase Co. featured in Food & Drink Intl Magazine

Boston Showcase Co. started as a family-owned carpentry business 102 years ago, building showcases and store fixtures for retail stores. After a while the Starr family got into building bars, which led them into the foodservice industry that they have succeeded in throughout the years. Today, Boston Showcase’s clients include restaurants, universities, hospitals, hotels, country clubs and assisted living facilities.

Family Values

Boston Showcase Co. is now owned and operated by Alan and Jack Starr, carrying on a tradition from their father Jason and grandfather Max. And a fourth generation is poised to carry on the family business as Jack’s son Matthew grows his career with the company. The Starr’s pride themselves on a family culture and extend their family values to their staff, most of which have found a place to make a home and career for themselves.

“It’s rare that someone comes to work here and leaves. We treat them like part of our family. We want people we can count on and they can count on us.” – Alan Starr

Boston Showcase consistently trains and promotes the long-term values that the company has been built on. Kingswood has benefited from these values having the opportunity to meet and train with the Boston Showcase staff on several occasions. The close, personal relationships that Boston Showcase fosters helps keep most of their client base loyal and provides a great foundation for repeat and referral business.

“We are an old company and are relatively content with modest growth. We are not looking for huge new markets or expansions in the immediate future. We are focused on doing a good job at what we do now.” – Alan Starr

Read the full article at http://www.fooddrink-magazine.com/index.php/featured-content/1725-boston-showcase-co

 

8th Annual Bowl-A-Thon

| Zeb Wright

“It Takes A Community To Raise A Child”

Dover Children’s Home 8th Annual Bowl-A-Thon A Huge Success!

Approximately 400 community members of the greater Dover area came together Valentines Day and raised over $27,000 for the Dover Children’s Home. This fundraiser is held annually to help raise funds to meet needs not covered by their budget. This event, along with two others held yearly, make up about half of the overall operating budget of the non-profit for a year.

Kingswood Leasing Raises Most Pledges

The “Kingswood Kingpins” were proud to raise the most pledges for the event this year and edge out the reigning 4 time fundraising champions, The Dover Police Charities.

We Could Not Have Done It Without…

You!  Every contribution counts, especially to the lives of the kids each dollar affects. But a special shout-out must go out to our top donors:

  • Pawnee Leasing
  • Financial Pacific
  • Global Financial

We are so grateful and inspired by your generous donations and support!

Bowl-A-Thon Makes Local News

Karen Dandurant covered the event and published an article in the popular seacoast Fosters.com news forum:

Bowl-a-Thon raises money for Dover Children’s Home

You can also read all about the event and other DCH news on their Facebook page.

Thank You! Thank You! Thank You!

We cannot say “Thank You” enough! You all made this event so extraordinary for us! Your support got more of us involved in our community than any year before. We were so proud to present all your donations to the Dover Children’s Home and get our ‘bowl-on’ with our fellow community members. Even if you could not donate this year, we sincerely appreciate the support that was showed to us. Kingswood Leasing is proud to serve businesses, and proud to support our community.

Equipment Plus Cash Program

| Zeb Wright

Kingswood Equipment Plus Cash Auto-Express Program

In today’s lending environment it is often difficult for small to mid-sized businesses to easily access working capital for their business growth opportunities. We recognized this at Kingswood, and are excited to offer a brand new program that enables us to automatically qualify an equipment buyer for a working capital loan. Now, if you have received an approved credit decision in the last 90 days to buy a piece of equipment, you are automatically pre-approved for an additional working capital loan of $10,000 – $25,000. No additional credit check is needed, however, certain guidelines and restrictions apply.

Program Guidelines:

  • Must have an approved decision within the last 90 days
  • Minimum time in business must be greater than 2 years
  • Minimum FICO score of 649
  • Minimum bureau history must be greater than 10 years
  • Annual revenues must exceed $300,000
  • Must not have an outstanding working capital loan
  • This product is restricted in the following States: CO, CT, MI, MT, ND, NJ, NV, NY, RI, SD, VT
  • Restricted Industries: Adult Entertainment, Agriculture, Asset Management, Auto Dealerships, Churches, Collection Services, Consulting, Credit Repair Companies, Day Trading Enterprises, Federal Government, Financial Services, Gambling Companies, Legal Profession, Medical Marijuana Dispensaries, Non-profit, Owner/Operator Trucking Businesses, Tax Preparation Services, Wholesale

These guidelines are only for the Auto-Express program, and in no way disqualifies you from other working capital options we can provide you. If you need additional working capital, we can arrange for a higher loan or line of credit, up to $250,000. This can be approved and funded within 48 hours with some additional information.

We appreciate the opportunity to provide financing for your business. Please contact us to discuss any finance needs you might have.

Kingswood Needs Your Help To Support Local Children’s Charity

| Zeb Wright

Support Us For The 8th Annual Dover Children’s Home Bowl-A-Thon

Kingswood Kingpins Strike Again!

The Kingswood Kingpins are ready to get our “bowl on” with friends and family while helping to raise critical funds to support programming for the at-risk children in our community. This is one of our favorite events of the year where we can join other local businesses to support a great cause in our area.

Please Pledge Your Support!

While our goal is to raise more than we ever have before, every dollar counts for these children in need. All pledges are 100% tax deductible and can be made at Make A Pledge, where your tax deductible receipt can be printed. Cash or checks made out to “Dover Children’s Home” are also acceptable.

Please join us in supporting at-risk children in our community by pledging for the Kingswood Kingpins player or team of your choice. Your pledges are so sincerely appreciated.

About the Dover Children’s Home

Dover Children’s Home is dedicated to enriching the lives of adolescents and strengthening their family relationships through the highest quality residential treatment services and educational programs. Their commitment to evolving and designing new treatment programs sets the standard for excellence in the field and enable those children facing life’s most difficult challenges with the means to grow and live healthy, productive, and independent lives.

History

Dover Children’s Home was organized to ease the plight of children and families who suffered due to the recessions of the 1890s and has continued to serve the needs of under-privileged children for more than 120 years. During the depression of the 1920s, more than 60 children resided in the Home. In 1939, the state of New Hampshire requested that the Home limit its number of children to 50. This number was subsequently cut to 45 after World War II. Over the years, the Home transformed further to providing intermediate-level residential care, case management, and therapeutic services to vulnerable youth ages newborn-20.

 

Services

Dover Children’s Home is a non-profit, intermediate-level residential treatment program designed to provide a wide array of community-based services for boys and girls, ages newborn-20, who have been abused or neglected or who have committed delinquent acts.

For more information about Dover Children’s Home, visit our website at www.doverchildrenshome.org.

Kingswood Swears In New Vice President

| Zeb Wright

Brian Ouhrabka begins 10th year as the new Vice President of Kingswood Leasing

Dover, NH – Kingswood Leasing is proud to announce that Brian Ouhrabka has been promoted to Vice President. Brian just recently celebrated the beginning of his 10th year with Kingswood Leasing. Brian started with the company in September of 2005 after graduating from Providence College with his B.S. in Marketing.

As Kingswood Leasing enters its 25th anniversary in business, we couldn’t be more proud of the banner 2015 we had providing more capital to businesses than any year before. And the Executive with the most growth during that time was Brian Ouhrabka. Brian’s extensive experience with funding sources, combined with his personal attention that he delivers to his clients, has allowed Brian to double the value of his account portfolio over the past year alone. We look forward to supporting Brian’s continued success .

In appreciation of his services he has been promoted to Vice President and is taking a more active role in the marketing of the company’s extensive knowledge and resources in the hospitality business. He is the first non-family member to hold such a position but then we feel like he is part of the family. – Clifford Metcalfe Jr, Owner & President

Join us in congratulating Brian and his future with Kingswood Leasing.

IMPORTANT NOTICE: Section 179 Expanded

2015 Tax Hike Act
| Zeb Wright

Section 179 Expanded & Permanent

This new law expands the available deduction under Section 179 up to $1,000,000 and makes this type of deduction permanent for subsequent years to come.

Summary of Guidelines

  • Available deduction is now up to $1,000,000
  • The first-year bonus depreciation is set at 100% for any amount over the $1,000,000 write off amount
  • Available for tangible New or Used Equipment that is actively used by the business
  • Equipment must be purchased and installed to qualify for a deduction in a given tax year

What Does This Mean To Me?

If you are buying equipment you will want to know how much money you can save on your equipment purchases. And if you are selling equipment you will want to be able to show how much this law can save a customer on their equipment purchase. Either way, a Section 179 Tax Savings Calculator is a valuable tool to have and use in order to see how much money is at stake. All of our calculators have this tool and have recently been updated to reflect the changes this new law will enact.

Using The Calculator

All one has to do to see how much one can potentially save is to enter the cost of the equipment you want to purchase and hit the “Section 179 Tax Savings” button. No other information is required to use the Section 179 Tax Savings Calculator. One can also input their effective federal tax rate to personalize the savings calculation (the default tax rate is set at 21% for businesses). The calculator will show you a summary of IRS Section 179 Write Off & Bonus Depreciation savings and how they affect the bottom line of your equipment costs. You can even print out this summary with any quote. We suggest that you do print out the summary and provide it to your tax adviser, who can confirm whether or not this type of tax application is best for your specific situation.