Every year, companies are passing up the opportunity to deduct thousands of dollars from their tax liability. However, with a cost segregation study done by engineers, your company can capitalize on large tax benefits.
Each of your assets as a company has a specific depreciation value that can be deducted from your tax liability. Most of the time, those individual assets are conglomerated with your company’s building depreciation into 27.5- and 39-year depreciation categories.
Cost segregation separates your company’s assets into shorter depreciation categories. For instance, many of a company’s assets can be put into 5-, 7-, or 15-year categories, allowing a company to take advantage of larger tax deductions in a smaller span of time.
These detailed studies require engineers to complete. That’s where Engineered Tax Services comes in. We’ll work side by side with your company’s CPAs to separate the assets into the correct categories and prepare the tax document before the deadline comes around.
Because your building’s carpet, paint, parking lot, fleets of vehicles, and other company assets can all be separated out from general construction depreciation and put into other categories, your company can use each of the assets as legitimate tax deductions when the reports are done by engineers and the results are translated into a tax document.
Engineered Tax Services wants your company to take advantage of the tax deductions available because we’ve seen just how much companies and corporations are saving each year. That’s why we make our cost segregation studies as simple as possible while still offering your company the maximum amount of tax deductions.
If you are interested in learning more about Utah cost segregation studies, call Engineered Tax Services today!
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