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As the amount companies have to pay out in taxes increases, it becomes more and more difficult for a company to stay on its feet. Though companies typically have teams of CPAs and other employees who are well versed in accounting, Dallas corporations rarely take advantage of all the tax deductions that are available to them.
Your company might be getting tax deductions for the depreciating value of your building as a whole, but you are probably not taking in to account the wide variety of depreciation categories that your assets fall under. Just by identifying accurate depreciation values for your building, equipment, land, and other long-term fixed assets in a Dallas cost segregation study, your company can significantly decrease its tax liability.
Typically, assets are gathered together under either 27.5- or 39-year depreciation categories that are supposed to account for the decreasing value of your company’s building and other assets. However, there are many assets that depreciate much more quickly.
When you have detailed reports done by engineers, many of your company’s assets can be divided into 5-, 7-, and 15-year categories. This will allow you to get more tax deductions at a much quicker rate, saving your company thousands of dollars.
Rather than thinking of your company’s assets as a single entity that depreciates, our engineers break down each of the assets you have and places them into the correct category. We look at everything from light switches to truck fleets, from carpets to parking lots to determine exactly how much you can deduct from your company’s tax liability.
If you would like to find out whether or not your company will be eligible for a cost segregation study in Dallas, contact Engineered Tax Services today!
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