Auto Dealers Need to Keep Their Money That They Are Giving Away... Without Even Knowing It!
Laurence Isaacson
Are you having an issue with employee retention and acquisition costs? Did you know that over 60% of employees report financial stress as a major concern, which oftern afftects their performance and job satisfaction?
Auto Dealers Need to Back Up and Take Advantage of Tax Incentives Available for Them…
Auto dealers have two major tax incentives available to them, yet most are not
taking advantage and consequently losing money. The main programs that most in
this industry are missing out on are: 1. Engineering-based Property Cost
Segregation 2. Property Tax Reduction Engineering-based Cost Segregation:
Engineering-based cost allocation identifies opportunities for federal, and in
some cases, state tax advantages to owners of commercial industrial real estate
by accelerating the depreciation on their property. Taxpayers are typically
correct in depreciating personal property such as equipment and furniture over
five or seven years, but they often neglect available federal and state tax
benefits by erroneously depreciating their entire investment in constructing or
acquiring a building over 39 years. To do this correctly, one must hire an
experienced engineer with a thorough understanding of construction finance. The
engineer will review all blueprints, architectural drawings, and electrical
plans to isolate structural and mechanical components from those that are
considered personal property in addition to identifying architectural and
engineering fees that can be segregated. The resulting cost allocation report
will allow a taxpayer to:
§ Adjust the timing of deductions thus maximizing tax savings
§ Create a complete audit trail to resolve any IRS inquiries
§ Capture immediate retroactive savings on qualifying properties
§ Reduce real estate tax liabilities significantly
Property Tax Reduction:
Probably the most frustrating bill that comes each year (or in some cases, twice each
year) is the property tax bill. As of this writing, our studies indicate the average Auto Dealers in the United States is being overcharged by 20% on their property taxes. There are many reasons Auto Dealers are overcharged but mainly it is the result of improper assessments by the municipality. If you own an Auto Dealership or own Commercial Real Estate and are paying property taxes over $50,000 per year, you should have a review completed on your facility.
Reductions in this area are direct to your bottom line! If you have not had a thorough review on your facility, especially as it relates to the areas of Property Cost Segregation, and Property Tax Reduction, you are likely losing money that should remain in your pocket. For a no cost/no obligation assessment, please contact me. I can show you in as little as 15 minutes, by using my industry exclusive Cost Savings App and you will see how much money you are losing that should stay in your pocket.