“Following the tax season, begin planning for the new year by discussing these easy ways to offer additional value with your clients.”
Cost segregation has been a powerful tax strategy that has been used successfully for years to help property owners lower their tax liability by accelerating the depreciation of “personal” building assets by properly identifying every component of their building. However, there are added opportunities for growth available through cost segregation that we often see overlooked. By taking advantage of these added benefits of Engineered Tax Services’ “Next Generation Cost Segregation Study”, you will grow client trust while increasing your profits without having to take on more clients in the process.
Engineered Tax Services’ next generation cost segregation study looks beyond accelerated assets and into:
- Separate building systems,
- Tax incentives for energy efficiency,
- Disposition of items no longer in use,
- Accounting for repair and maintenance costs, and even
- Reducing insurance costs with a detailed engineering appraisal
- Reduce Recapture
By pulling out the separate building systems, those components can help property owners increase their annual write-offs. Building systems include fire protection and gas distribution, the elevators or escalators, the electric and lighting systems, just to name a few, and other assets like landscaping, flooring, cabinetry and special lighting and electrical would qualify for shorter depreciation than the building itself.
Having this detail in one report creates a valuable tool for property owners and their CPAs to ensure IRS compliance, maximize depreciation, and identify additional write-offs each and every year!