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Cost Segregation Explained with Yonah Weiss
In this episode, Beau sits down to chat with Yonah Weiss, Business Director at Madison SPECS, a national cost segregation leader.
What is cost segregation? Glad you asked! Under United States tax laws and accounting rules, cost segregation is the process of identifying personal property assets that are grouped with real property assets, and separating out personal assets for tax reporting purposes. According to the American Society of Cost Segregation Professionals, a cost segregation is “the process of identifying property components that are considered “personal property” or “land improvements” under the federal tax code.” Source: Wikipedia”
You can accelerate the depreciation of an asset, which gives you bigger business expense write-offs in years one through five, reducing your tax burden.
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