Cost Segregation For Successful Business Owners
Key Takeaway
Many business owners are giving the government MORE than their fair share in taxes by overlooking some basic tax incentives and cost segregation techniques. This can results in paying hundreds of thousands EXTRA in taxes. No thanks!
The tax code has been a game for years. Therefore, the better you know the rules, the better chance you have of winning.
Unfortunately, some of the best tax credits and incentives have high barriers and expertise levels required to take advantage. A great example is cost segregation.
A cost segregation study or cost segregation analysis involves contracting an engineering company alongside a knowledgeable accounting firm. These firms will work together to schedule out advanced depreciation on property. This can be a difficult task.
Most importantly, the benefits are potentially MASSIVE!
With cost segregation you can:
1. See an immediate increase in cash flow
2. Reduce your current tax liability
3. Defer taxes
4. Reclaim "missed" depreciation from prior years
Cost segregation is ONE strategy we cover in our maxxed out guide: The Business Owners Guide to Serious Tax Deductions.
You can get it here: The Business Owners Guide to Serious Tax Deductions(need to link)
Other Specialized Tax Incentives
Additionally, we look at several other opportunities for tax credits:
First, we scan your business for the Workers Opportunity Tax Credit (WOTC).
Next, we analyze your credit card processing fees. Because, raise your hand if you know they are ripping you off!
Then, our team looks to see if you qualify for the R&D Tax Credit, Energy Tax Credit, or Property Tax Mitigation.
Finally, There are specialized incentives for specific industries that you might qualify for.
Combining these specialized tax incentives with the other strategies outlined in the guide can be huge for your business! Successful business owners can not only defer Millions of dollars per year in taxes but also experience hundreds of thousands of dollars in tax credits.
In Conclusion, if you own a commercial building, hire employees each year, are in the (manufacturing, auto, hotel, medical, restaurant, or commercial real estate) industry, or collect over 500k in credit card payments each year this is for you!