Tax Deductions (Business Tax Deduction Tips)

Real estate depreciation offers substantial opportunity for increasing tax deductions. Most depreciation schedules are established by simply separating land and long-life improvements. This simple approach is lawful but sharply understates lawful depreciation. About 20-40% of improvements for most properties are short-life items. Short life items can be depreciated over 5, 7, or 15 years. There are about 130 short-life items that have been determined by legislation, tax court decisions and IRS rulings.

Real estate depreciation can typically be increased by 50-100% for the first 5-7 years of ownership by obtaining a cost segregation study. A cost segregation study precisely values up to 130 components of real estate that can be valued as short-life property.

By obtaining a cost segregation study, it is possible to obtain a windfall of tax deductions by “catching-up” previously under-reported depreciation. This one-time “catch-up” can occur in the first tax return filed after the cost segregation study is performed without filing any amended tax returns.

Reviewing fixed asset listings (of business personal property) can generate a meaningful amount of tax deductions. They often include items that should have been expensed, which have been sold or thrown away or which have an excessive depreciation life. Items that should have been expensed include operating expenses (sometimes included by error) and maintenance or repairs (which was necessary but did not increase the life of the assets or component.) Section 179 allows business to use up to $108,000 of 2006 capital expenditures as tax deductions. Confirm you are not capitalizing assets that could be claimed as a tax deduction.

Casualty losses also offer opportunity for tax deductions. For a casualty loss, you can deduct: 1) the market value immediately before the casualty less 2) the market value immediately after the casualty less the amount covered by insurance. The portion that is not intuitive is: the market value after the casualty is much less than the value before plus the cost to renovate. Other factors which can and should be considered for tax deductions are: lost rent/usage, stigma (in some cases), construction management, construction risks, and entrepreneurial effort.

Bad debts are a subjective matter. Judgment is required to accurately estimate the amount that should be claimed as a tax deduction. If bad debts have not been examined carefully for several years, they may offer a meaningful tax deduction opportunity. (This applies to companies who utilize accrual accounting. Companies who use cash accounting can’t claim a tax deduction for bad debt since they never recognized the revenue.)

Do well by doing good. You reduce taxes in several ways when making charitable contributions. For example, you purchased land 10 years ago for $200,000, and it is now worth $1,000,000. However, you now realize you will never use the land for the intended purpose. You can donate the land to a qualified charitable organization and take a tax deduction for $1,000,000. However, you do not have to pay capital gains taxes on the appreciation.

Tax deductions sometimes seem arcane and complicated. However, a knowledgeable team of advisors from several fields can reduce your federal income taxes. The complexity of the tax code makes it difficult for any one personal to be knowledgeable in all areas.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions.

City:

  • New York, NY
  • Houston, TX
  • Hartford, CT
  • Las Vegas, NV
  • Memphis, TN
  • Philadelphia, PA
  • Orlando, FL
  • Phoenix, AZ
  • Atlanta, GA
  • Bridgeport, CT
  • Worcester, MA
  • Akron, OH
  • Harrisburg, PA
  • Salt Lake City, UT
  • St. Louis, MO
  • Portland, OR
  • Scranton, PA
  • Greenville, SC
  • Bakersfield, CA
  • Madison, WI
  • Chicago, IL
  • Fresno, CA
  • Riverside, CA
  • Albany, NY
  • Indianapolis, IN
  • Birmingham, AL
  • Ft. Lauderdale, FL
  • Baton Rouge, LA
  • Augusta, GA
  • Honolulu, HI

Cost segregation produces tax deductions for virtually all property types, including the following:

Property Type:

  • Medical facility
  • Shopping mall
  • Restaurant
  • Country club
  • Fast food restaurant
  • Power center
  • Hotel
  • Car wash facility
  • Convenience store
  • Health spa

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

  • Golf courses and country clubs
  • Transportation equipment manufacturing
  • Electrical component manufacturing
  • Real estate lesser
  • Apparel manufacturing
  • Wood product manufacturing
  • Plastic and rubber products manufacturing
  • Furniture stores
  • Beverage and tobacco product manufacturing
  • Building supply dealers

Tax reduction services include federal income taxes, state income taxes and property taxes. We do not prepare income tax returns. Instead, our advisors review your circumstances and suggest cost effective options to lawfully reduce your income tax liability. 5. O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, tax reduction, feasibility studies, tax return review, apartment inspections . O’connor associates services includes business valuation tax deduction, due diligence, income tax, tax reduction, property tax, feasibility studies, real estate consulting, market research, Denton Central Appraisal District, Tips and Tricks for Appealing Your Property Taxes in Collin, Collin county appraisal, Federal tax reduction

An Introduction on Automotive Floor Jacks

Types of Floor Jacks
A floor jack can mean different things depending on where you use it. The jack used in most car repair shops or garages to lift cars and make repairs conveniently under the car or a tire is called an automotive floor jack. However, another jack is utilized to raise bigger ‘things’ like buildings or houses that needs its beams to be replaced because they are sagging. The last type of jack is used for phone connections. It got its name because it is typically installed on the floor and wall intersection. Notice how all equipment are called floorjacks but have entirely different meanings and purposes.While there are a lot of different jacks available, this article would only focus on the first type of floorjack mentioned: automotive floor jacks. The other two types of jacks will be reserved for a different article.Automotive Jacks
It is common for people to always associate the term ‘floor jacks’ with automotive floor jacks as this had always been the first floorjacks produced. This one uses a pump arm, hydraulics or air compression to raise vehicles and access the undercarriage easily. The automotive floorjack makes changing tires or doing a brake job easier to accomplish. These are handy tools that can be found in car hoods, garages, farms and other places where there are vehicles that may need to be repaired. Automotive jacks have made a lot of repairs easier for the common do-it-yourself mechanics and vehicle owners.On the other hand, this automotive jack should not be confused with hydraulic lifts which are used in most auto repair shops.A more stable ground is required for automotive floorjacks to eliminate improper balance. The ground should not shift as it could seriously harm the vehicle. A lip can be connected to the automobile and raise it gently by pumping the arm, hydraulic system or air compressor.Automotive jacks have different ratings depending on the weight that they can lift without sacrificing security. These automotive floorjacks are very powerful that they can up to 20 tons. For your personal use, you can purchase a 2 or 3-ton jack especially if you’re going on long road trips so you can easily change your tire whenever needed. Obviously, the bigger your vehicle, the stronger is the jack required to do the job. Farm equipment, on the other hand, may necessitate a 10-ton automotive jack.

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