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Finance

11th Hour Tax-Saving Tips, Part 5

The last of our five ways to save on taxes: Analyze your depreciation expense.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Order a cost segregation study to increase your business's annual depreciation expense. Consider this option if your business owns a building used for business purposes. (Typically your accountant can assist you with this.) If the cost of non-structural items, such as landscaping, site fencing, a parking lot, security equipment, etc. can be identified, these costs can be depreciated separately from the building itself, using a depreciation method with fewer years than the "39-year life" depreciation method applicable to the building. This can increase your business's annual depreciation expense deductions.

Future Financial Challenges and Opportunities for Small Businesses