If you own a business, you know that many of the assets you buy won’t last forever. In fact, they lose value almost the minute after you buy them.
That’s why CSG Strategic Tax Consultants (CSG) focuses on a thorough review of your company’s fixed assets – i.e. signage, computers, vehicles, etc. – and earmarks those with shorter, depreciable lives.
Our objective is to maximize tax depreciation deductions and increase cash flow.
Because federal depreciation rules have drastically changed over the last 30 years, assets have a greater potential to be misclassified on a company’s depreciation schedule. Misclassifications also can be caused by changes in case law, use of “book” lives for tax purposes, or the lack of in-depth knowledge necessary to determine correct lives.