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If you are a restaurant owner and you are not taking advantage of specialty tax benefits – you should be. That’s because you may not know that in addition to manufacturer discounts and state and local rebates, there are several federal tax incentives. These come via cost segregation studies, 179D energy tax incentives, bonus depreciation, and disposition.
A cost segregation study can carve out certain qualifying portions of your building into 5, 7, and 15 year lives. These lives are normally buried in 39-year categories. Also, you’ll have a permanent 15-year recovery period for qualified leasehold improvements, restaurant, and retail property.
In order for your restaurant to qualify for the 15-year recovery period, the building must have been placed in service after January 1, 2009.
However, from October 23, 2004 – December 31, 2008, the full 15-year recovery period could only be applied to improvements. Without qualifying for the 15-year recovery period, these types of property would be depreciated over 39-years.
*Additional qualifying rules apply depending on placed-in-service dates for the 15-year straight line, leasehold improvements, and option for claiming bonus depreciation.
If you have new lighting installed at your restaurant, either through relighting or new construction, you have the opportunity for a federal tax deduction of up to $0.60 per square foot.
The full 179D EPAct certification calculates the tax deduction achieved from the installation of energy-efficient lighting, HVAC, and building envelope ranging between $0.60/sq. ft. and $1.80/sq. ft. In order to qualify for these deductions, you need to have sufficient energy savings. Those savings also have to be certified by tax experts at Engineered Tax Services.
If you retire or remove assets from your company books, Engineered Tax Services allows you to calculate the value of these retired assets. The tax professionals will then provide all of the necessary documentation needed to claim these tax deductions.
With a unique blend of each of these services, you can take full advantage of these available tax strategies. Your results can be significant when combined with the local and utility benefits. However, it is important to remember that the age of the property and assets, size, and complexity affect the results. For more information or a complimentary consultation for your restaurant, please call (800) 236-6519.
When you are choosing a specialty tax provider, you must consider if they will do their due diligence. At Engineered Tax Services, we do that and way more. As you begin your search for a firm, consider the items below.
Engineered Tax Services is a licensed engineering firm. As such, we do not compete with CPA firms, we partner with them to offer detailed and comprehensive engineering reports to ensure the highest level of compliance and protection against IRS review. Engineered Tax Services has account representatives who are not merely sales professionals, but rather people who serve as your “quarterback” to provide a single, knowledgeable, point of contact.
Engineered Tax Services tax attorneys, engineers, and scientists are the leading experts that have performed millions of these tax services over the past decades. ETS, through these services, has generated billions of dollars in the United States stimulus that has impacted millions of jobs in our country.
Julio Gonzalez, Founder & CEO at ETS worked in Washington D.C. with our country’s Senate, Congress, Administration, and Treasury playing an instrumental role in passing tax reform with a focus on small business growth.
For a free consultation, please call (800) 236-6519.