Would you like to know a secret in reference to lowering your current tax liabilities? As a business owner, you want to save money any way that you can. There are many different proven income tax strategies that can help a business owner legally save tens of thousands, or more, dollars a year. Perhaps the biggest way that one can start lowering their current tax liabilities is through a cost segregation study. A cost segregation study is a proven IRS method of relieving some of the financial burden that comes with owning a business, and yes this is our little secret that we would like to share with you.
Cost segregation, a legal tax deferring strategy, is not something new and has been used for quite some time by businesses in all different industries. This method works by applying accelerated depreciation to the qualified tangible personal property and land improvements. The purpose is to depreciate qualifying assets over a shorter life span. Most of the time, all of the assets associated with a business are given the standard depreciation of 39 years. When a cost segregation study is applied, the qualifying assets are reclassified to either 5, 7, or 15 years depending on their use or application. The benefit of having a cost segregation study include a reduced income tax burden, reduced property taxes and increased cash flow. Just imagine having additional cash to use for whatever you see fit. How would your business benefit from having additional cash flow? Think about it!
Things to consider when it comes to cost segregation:
- Any business that is profitable can benefit from a cost segregation study. The business does own or lease their facility and is paying federal income taxes.
- A cost segregation study can be completed at any time of ownership back to 1987. This includes during initial construction, during renovation or as the business owner makes land improvements or other upgrades to the property at any time.
- If the remodel or upgrade was done in the previous years, a cost segregation study can still be conducted. In fact, the savings will be retroactive and an amended tax return will not have to be filed in most cases.
- When a cost segregation study is done by Segregation Holding, we often far exceed our initial benchmark estimate.
So, why not consider starting the New Year off by applying cost segregation to your building or tenant improvements. Did you know that we are so confident that we can help you keep more of your hard earned money, that we even offer a guarantee? Go ahead, request your free quote today! Let our team start working hard to save you tens of thousands or maybe hundreds of thousands of dollars for 2014!
Contact us at 972-897-8019 or 443-Cost-Seg.