What are the Factors of Being a CPA to Start a Tax Preparation Business?

A Certified Public Accountant or CPA delivers layers of advantages to any business. This post explains that they can carry out full-fledged auditing services, which is out of the scope of other accounting professionals. Their expertise on cost segregation helps to increase the flow of cash by delaying your tax liability with accelerated asset depreciation. A competent CPA consultant will be capable of doing tax and account consulting, act as a financial and business advisor, and give out auditing services to many companies and corporations in the industry. A good CPA and his team will be hired to provide services in accounting, by maintaining financial records, applying for business loans, filling of taxes, and planning for the long term.

Read More

Cost Segregation Consultants - Experience, Benefit & Overview

As a federal income tax tool, cost segregation offers immense value to companies as well as individuals who go for construction, purchase, expansion, or renovation of real estate properties. This post looks at the goals of Cost Segregation Consultants, i.e. to identify and reclassify such properties, so that those are eligible for depreciation over a period of 5, 7, and 15 years at accelerated rates. It helps business owners to boost the depreciation expense and subsequently bring down the amount of tax payable resulting in substantial cash flow. Another advantage of going for cost segregation study is that it provides the scope to accelerate the depreciation twice on the same property. To avail of these benefits, it is vital to hire the services of an experienced cost segregation consultant, who can employ architectural engineering knowledge along with tax law experience to identify the elements that are eligible for accelerated depreciation rates.

Read More

What is Depreciation?

By: Donald Archer

Having completed more than fifteen hundred cost segregation studies, I have come to realize many of our clients do not understand the concept of depreciation as it relates to their businesses. Many of my students likewise had a vague idea of depreciation and its value as a measure of a company’s worth. Simply stated, depreciation is the cost a company charges itself for the use of an asset it has purchased for the purpose of earning revenue.

Read More