Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than they were a few years ago due to enhancements to certain depreciation tax breaks. You may even be able to get the benefit of speedier depreciation for items that were incorrectly claimed. Cost segregation studies can yield substantial benefits, but they’re not right for every business. To find out whether this would be worthwhile, contact us.
Author: Jeff Lucke
Jeff Lucke, CPA, is the founder of Lucke & Associates, with an entrepreneurial background. Jeff has had ownership interests in businesses within several industries including automotive, construction, healthcare, telecommunications, and restaurants, as well as being active in real estate. As an owner of a growing CPA firm and other businesses, he has gained unique insights into the challenges and issues that face other growing businesses that most other CPAs do not have. This kind of knowledge ultimately benefits every one of the firm’s clients. He is very involved with clients and becomes deeply involved in their businesses and helping them succeed. Jeff is a graduate of the University of Nebraska and holds a Bachelor of Science in Accounting; his professional affiliations include the AICPA and KSCPA. Jeff currently serves a board member for his community on the Construction Financial Managers Association, the American Diabetes Association, and Big Brothers Big Sisters.