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Taxes loom over a Los Angeles company’s head long before the tax deadline hits. Businesses of all sizes scramble to save money on their taxes with credits, deductions, spending, donations, and more to knock off dollars and dimes from their tax liability. Though many companies think they’re saving as much as they can on their taxes, many businesses are missing key components that can save them thousands of dollars every year.
One way to find out how your company can decrease tax liability is through a Los Angeles cost segregation study. This study is, put simply, a study that finds all the depreciating value of your long-term fixed assets and translates it into tax deductions.
These qualifying portions are typically lumped into 27.5- or 39-year depreciation categories but can actually be put into 5-, 7-, or 15-year categories to relieve individually or company-owed taxes.
Purchases or improvements of or on buildings, equipment, land, and other assets are factored into the in-depth cost segregation study. A detailed engineering review will be completed to determine additional deductions that can be accelerated to lower the tax liability that the company owes.
Cost segregation in Los Angeles is an undertaking that involves working within the guidelines set by the IRS, finding depreciating value within your assets, and incorporating all facets into a compact tax document. Engineered Tax Services will walk you through this process step by step and do everything we can to minimize the interference to your company. We will work within your time schedule, cooperate with your company’s CPAs, and take into consideration your current and future goals.
Additionally, before we launch a cost segregation study, we offer a free analysis to determine whether or not your assets will be eligible for significant tax benefits. To find out if your company can take advantage of a cost segregation study, contact Engineered Tax Services today!