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17 Tax Strategies To Discuss With Your Accountant

17 Tax Strategies To Discuss With Your Accountant

Review the possible money-saving tax credits, deductions, and strategies you may be missing out on. Print and share this checklist with your CPA or tax advisor to ensure you are maximizing your tax benefits.
Do cost segregation studies increase the chance of an audit?

Do cost segregation studies increase the chance of an audit?

Conducting a cost segregation study does not increase your chances of being audited, though you should always have sufficient protection through and engineered cost segregation study to be prepared in the event of an audit. While the IRS allows for and supports straight-line depreciation, they have stated that cost segregation by component is the proper way of handling depreciation.
What is Cost Segregation?

What is Cost Segregation?

Under tax law, cost segregation is the process of identifying the assets of a commercial property that can be depreciated quicker than usual. For property owners, this will lessen their current income tax obligations and improve their cash flow. Cost segregation is a...

What is Component Level Depreciation?

What is Component Level Depreciation?

Confused about what you can expense versus what you can capitalize on? The Tax Cuts Jobs Act (TCJA) has done a lot to benefit commercial real estate owners and investors. Most notably in the changes to the depreciation schedule to allow for 100% Bonus Depreciation on...

WHAT ARE RESEARCH TAX CREDITS?

WHAT ARE RESEARCH TAX CREDITS?

The research tax credit is a federal tax incentive for private companies to develop new methods of doing business or improve upon their existing products & processes. The R&D Tax Credit helps offset the wages and costs associated with ongoing research & development. Step one is finding out which activities qualify and step two is identifying the cost associated with those activities.
WHAT ARE 1031 EXCHANGES?

WHAT ARE 1031 EXCHANGES?

1031 exchanges allow you to transfer profits from one investment property to another without paying capital gains tax. This lets you grow your portfolio and increase your passive income with a huge tax break.
WHAT IS SECTION 1245?

WHAT IS SECTION 1245?

1031 exchanges allow you to transfer profits from one investment property to another without paying capital gains tax. This lets you grow your portfolio and increase your passive income with a huge tax break.
WHAT IS SECTION 179D?

WHAT IS SECTION 179D?

Section 179D is an energy tax deduction provided by the government for commercial buildings. In order to qualify, you must first qualify as a commercial building under the statute.
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