If You Build It . . .
Are you overlooking significant deductions on new construction or major remodeling projects?
Business construction plans in your future? Make sure you properly depreciate assets. A recent survey by PricewaterhouseCoopers found some fast-growth companies involved in new construction or remodels may be missing out on significant deductions. Just 44 percent of CEOs of fast-growth product and service companies (ranging from $5 million to $100 million in sales) across the nation were aware of the tax savings available by depreciating assets in new construction and major remodeling projects.
Construction projects are on the upswing for these businesses, with 57 percent of the nation's fastest-growing companies involved in new construction or major remodeling over the past five years. Projects include major leasehold improvements, new office buildings and light-manufacturing plants. Approximately 36 percent say they plan projects over the next two to three years.
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