Save your significant time on calculating your federal income tax depreciation @ https://www.expertcostseg.com/bonus-depreciation/.
What is Bonus Depreciation?
Bonus Depreciation is a tool provided by law to accelerate depreciation of short-life assets (20 years life and shorter) and taking that available depreciation 100% in the first year of study use. What kind of study? A Cost Segregation study! Cost segregation is a conservative, IRS-defined approach for depreciating commercial properties thereby reducing your federal incomes taxes, and is the most accurate way to depreciate improved commercial property acquired or built after 1986.
Assets are reviewed and selected improvements (Tangible Personal Property and/or Land Improvements) are depreciated over 5, 7 or 15 years, rather than 39 years for commercial property or 27.5 years for apartments. The identified short items identified are depreciated via either 200% declining balance (5 & 7 year assets) or 150% declining balance (15 year assets) thereby further enhancing your depreciation.
This accelerated depreciation can significantly reduce your tax liability, leading to increased cash flow for your business.
Bonus Depreciation can be utilized at the time of construction or purchase of an asset, and for assets owned for several years. U.S. tax law allows an owner to recover previously under-reported depreciation using a “Look-Back” study, and deduct the “catch-up” depreciation on the current year’s return without filing amended returns for prior years.
This requires the filing of a Form 3115 (Change in Accounting Method) and a 481(a) adjustment.
How to get started with Bonus Depreciation
Interested in finding out how much you could be saving with bonus depreciation? First, plug a few simple numbers about your property into our savings calculator found on the sidebar of this page. Then, give us a call at 1-877-375-4291 or complete the Free Analysis & Price Quote form on this page.
Do you have a tax burden?
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A guide to claiming back Income Tax
It is not uncommon to overpay income tax, and this guide will help you get it back.
HMRC use this information to calculate the exact amount of tax you should have paid, and often will refund any overpayment automatically.
Once you do receive it, check it carefully as sometimes HMRC don’t have all the information and may have missed something.
Claiming on-line If you haven’t received a P800, but suspect that you may have overpaid your tax, and you are registered with HMRC on-line, you can make your claim HERE.
You can also claim back for previous years’ overpaid tax.
