Fixed Asset Review

A company or individual that needs to:

• Correct past tax depreciation schedules and current year expenditures to increase depreciation expense deductions.
• Achieve compliance with IRS guidelines.
• Set a precedent for managing depreciation schedules going forward.
• Maximize tax deductions and savings by ensuring assets are classified and depreciated correctly.
• Record the sale or retirement of a fixed asset in the general ledger.

• Improved financial accuracy, reporting and auditing
• Tax benefits and compliance
• Tax deductions for depreciation
• Capital gains planning
• Improved asset management, operational efficiency, and control
• Enhanced cash flow management
• Risk mitigation
• Environmental and sustainability benefits

Accurate depreciation schedules can reduce taxable income. By aligning depreciation methods with current tax laws, businesses can avoid overpaying taxes and potentially qualify for accelerated depreciation, leading to immediate tax savings. A thorough review can uncover overlooked deductions, such as unclaimed Section 179 deductions or special depreciation allowances. Claiming these can result in permanent tax savings and improved cash flow.