There are times in your business you have to do extensive remodeling or begin new construction projects. Jackson, Rolfes, Spurgeon & Co. works with you to identify the proper recovery periods.
You may gain tax benefits by accurately separating the costs of personal property from real property in terms of acquisition and construction of buildings. By identifying and reclassifying project related costs currently classified as residential real or commercial property, cash flow can be maximized. You may also be able to claim accelerated depreciation on those reclassified assets for new construction projects, acquisitions, and existing facilities.
Jackson, Rolfes, Spurgeon & Co. will work closely with you and perform a detailed review of the contractor's job specifications and invoices usually identify a significant portion of the assets qualifying for shorter recovery periods. Remember, the benefit of accelerating these deductions on larger projects can be significant.
To learn more about cost segregation analysis and how we can help you with it, please contact us and ask for Dennis Tepe.
