Are You Eligible For A Tax Holiday?
You may be eligible for a tax holiday if you recently built, purchased or expanded your building and the original cost of your building (excluding land) is in excess of $500,000. Through a cost segregation study, business owners can accelerate their depreciation schedule and reallocate costs on their buildings to obtain a significant decrease in current tax liabilities and increased cash flow which can then be reinvested back into the growth of the business. Prior depreciation can also be recalculated and the difference between the old and the new is a one-time special tax deduction in 2014.
Contact Scott Henkel, CPA today to ask additional questions and to determine if your business can benefit from a cost segregation study.