Can Cost Segregation Offset W-2 Income?
Whether cost segregation can offset your W-2 income depends on the specific circumstances of your situation, with two key factors playing a crucial role:
1. Passive...
Saving Taxes with a Twist: The Tale of Joe's Cost Segregation and Bonus Depreciation Adventure
Once upon a time in the bustling city of Taxville, there lived a man named Joe who had always been on the lookout for clever ways to save on his taxes. Joe wasn't your...
Don't Be a Turkey: Get Your Tax Act Together Before 12/31!
Ah, the end of the year is approaching, and you know what that means – it's time for some good old-fashioned tax planning! Because who doesn't love the thrill of...
The Great Blog Silence of 2023: A Taxing Tale
Hello, Veritax fans!
If you've been wondering why our blog has been quieter than a library on a Saturday night, let me spill the beans. Yes, we took a little 'vacation'...
CPAs in Summer: The Beach, BBQs, and 1040-ESs
Ah, summer. The season of beach vacations, family barbecues, and sunshine. And if you happen to be a CPA (Certified Public Accountant), it's also the season of...tax...
Filing Form 3115 with a Cost Segregation Depreciation Change: A Comprehensive Guide
Cost segregation is a valuable tax strategy that can lead to significant tax savings for real estate owners and investors. It involves breaking down a building into...
BREAKING: The IRS Issues New Administrative Authority Governing Cost Segregation Studies
For the first time in many years, the Internal Revenue Service issued a revised Cost Segregation Audit Technique Guide to assist its Revenue Agents and Field Agents in...
New IRS Form 3115 is Now Required for Applications for Accounting Method Changes
On April 7th, the IRS informed taxpayers and tax practitioners that it has issued a revised Form 3115, Application for Change in Accounting Method, and its...
R&D Tax Credits for the Beer and Wine Industries
The research and development (R&D) tax credit is a valuable tool for incentivizing innovation and research in many industries, including the beer and wine industry....
Reducing or Mitigating Tax Liability on Self-Storage Properties with a Cost Segregation Study
Self-storage facilities have become increasingly popular over the past few decades, as people look for ways to store their belongings without having to worry about...
A. Chris Ostler, CPA
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