What is a Depreciation Schedule?

 A depreciation schedule is a detailed document that can include items such as:

• A breakdown of all building allowance costs.
• A breakdown of all equipment costs.
• The rates at which you can claim different items and the effective lifespan estimate of each item.
• A breakdown of how much you can claim per annum based on the financial year end.

Incorrect Depreciation Schedule for a Commercial Property Cost Segregation Study:

What makes one incorrect is that it only contains items such as equipment, vehicles, etc. and does not contain any of the items we are looking for in a Commercial Property Cost Segregation (purchase of a building, land, construction, renovation, major updates, signage, landscaping, wiring, HVAC, etc.).

Remember:  There is no standardized format for a Depreciation Schedule, every client's will look unique.   The important thing is the items you are looking for to appear on the schedule as listed above.

Latest Clients Gets $40,903...

My latest client just received this email:

"Recently your company signed up for our COVID-19 Economic relief program. Thank you for engaging us in reviewing the many programs that may offer your business economic and tax savings. Through our software and further analysis, we've qualified you for additional Federal benefits through the ownership of commercial property. Currently, the tax benefit is $40,903 and is available as an immediate reduction of Federal taxes."

Larry at BusinessRefund.com

Partnerships with CPAs

 

I wanted to wait until tax season ended before posting, but this is too important. Our clients have been utilizing tax incentives to provide needed capital to businesses.

I have a growing number of CPAs and tax professionals who are affiliated with us and finding success for their client base.

Here is a link where you can check any one of your clients eligibility.

Some small business owners are seeking professional help with no upfront fees.

 

Talking to a financial adviser for more specific advice does not constitute professional financial advice.

If you can improve your personal finances with a solid emergency fund, strong personal credit, and a diversified portfolio of retirement savings aside from the equity that you own in your business, you will more likely be able to focus on running your company with a mindset of calmness and optimism. 

And for business owners, who are some of the busiest people in the world, having peace of mind about business savins can be truly priceless.  

Now help is only a click away at www.BusinessRefund.com

As businesses begin to reopen, owners are finding themselves in desperate need of cash flow.

While some programs are still available and can be the bridge that keeps your business alive, there are two new tax credits available through the CARES Act that you can take advantage of right now.

We’ve developed a tool that allows you to see your potential benefit.

Please let me know what you think. 

The R&D Tax Credit Can Benefit Many US Businesses.

 

Business firms in the U.S. are constantly needing to remain agile in order to keep up with the latest trends and business needs.

One solution for them is to take advantage of a government incentive that was enacted to reward American businesses for innovating—an activity that many businesses do nearly every day.

The Research and Development Tax Credit (R&D Credit), which is claimed by U.S. companies collectively at a rate of approximately $10 billion per year, was enacted in the 1980s to encourage American businesses to innovate in order to help our country’s economy thrive.

The credit has been expanded throughout the years through legislative and judicial activity, including the most recent change to the credit: the elimination of the corporate Alternative Minimum Tax (AMT) and the curbing of the number of pass-throughs subject to individual AMT.

This loosening of AMT restrictions has removed the most significant hurdle that prevented companies from using the credit, and opened the gates for businesses across the country to lower their tax liability.

A basic requirement of the R&D Credit is that the business is designing or improving a process or product.

Many businesses think they do not qualify, but now they can find out in seconds via 

BusinessRefund.com   

Businesses stressed by the coronavirus are seeking to hire and retain workers through tax incentives.

 

The IRS has opened a tool kit of exceptions to its standard policies on hiring, assigning and paying employees. This is clearing the way for increased recruitment, retention and relocation incentives for businesses.

These are among a number of moves over the past two months affecting both current and prospective employees in response to the Covid situation. This not only applies to for profit companies, but can also apply to non-profits. 

The amounts can be from $2400 - $9600 per person and can be quickly determined by going to WOTC and answering two simple questions, no contract is required and live support is available to answer all questions Mon-Fri from 9am-5pm EST