"High net-worth individuals, accredited investors and others with real estate assets can obtain significant tax benefits through "component analysis" on an greatly enhanced depreciation schedule," says Ray Phair, COO of Tax Saving Professionals.
Vero Beach, Fl (PRWEB) April 21, 2015
National tax consulting firm, “Tax Saving Professionals” (http://www.TaxSavingProfessionals.com) has added another proven, high-impact, tax-lowering strategy for clients that own buildings.
“Depreciation has been a long-time accepted IRS expense brought to a new level by using Cost Segregation and an engineering firm to assess and calculate the buildings depreciation schedule,” says Ray Phair, COO. Tax Saving Professionals, founded in 1998, whose client base of high net-worth individuals and accredited investors includes doctors, lawyers, dentists, bankers, brokers, car dealers, and highly-paid career professionals from across the country.
Phair points out some key attributes of this tax-lowering approach: “The marriage of engineering science with generally underutilized but highly-specialized principles of tax and accounting provides financial solutions that create increased cash flow, minimized tax payments, and maximum return on investment.”
For example, standard depreciation is 39 years on a flat line assessment, our engineering partner reviews building plans performing calculations on “component life expectancy” which generally yields an accelerated depreciation.
Requiring highly-specialized expertise, this accounting method is proven, valuable and IRS accepted and preferred using calculations that depreciate “pieces of the building by the components life” and not the “building life,” which is a huge difference, producing an accelerated depreciation schedule. Many items like carpet, paint, HVAC etc. will be fully depreciated in the first 5 years in this method.
“To depreciate a building is typical,” says Bob Barth, Lead Tax Pro and California attorney for Tax Saving Professionals, “but our partners are subject-matter experts and perform this “component analysis” to obtain the greatest depreciation and tax-lowering consequence out of a building asset.”
In addition, there are other benefits to this tax approach that creates “a wind fall of deductions” that can be utilized in financing other tax strategies creating a double dip of sorts in the tax savings column. CPA’s have long known about building depreciation and accelerated depreciation but the main piece missing is the engineering review to assess the valuations and remaining life. Without a site visit a tax pro can only assume a valuation whereas eyes on the system provides an owner the best valuation yielding the most significant tax saving/tax-lowering results for a building owner.
About Tax Saving Professionals
Tax Savings Professionals is a national tax consulting organization consisting of tax attorney’s, CPA’s, Enrolled Agents and paralegals. The company has worked with more than 7,000 clients, large and small, from around the country as well as with other members of the financial community, such as financial planners, CPA’s, accountants and others. Tax Savings Professionals has distilled from the IRS tax codes more than 400 tax deductions that are often misunderstood or even unknown by many tax professionals, along with an assortment of “tax strategies” that help clients keep more cash while also reducing their tax burden, sometimes by as much as 50% of a clients’ current tax burden.
Company Website: http://www.TaxSavingProfessionals.com
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