If You Build It . . .
Are you overlooking significant deductions on new construction or major remodeling projects?
Business construction plans in your future? Make sure youproperly depreciate assets. A recent survey by PricewaterhouseCoopersfound some fast-growth companies involved in new construction orremodels may be missing out on significant deductions. Just 44percent of CEOs of fast-growth product and service companies(ranging from $5 million to $100 million in sales) across thenation were aware of the tax savings available by depreciatingassets 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 companiesinvolved in new construction or major remodeling over the past fiveyears. Projects include major leasehold improvements, new officebuildings and light-manufacturing plants. Approximately 36 percentsay they plan projects over the next two to three years.
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