Our comprehensive fixed asset review services ensure your asset ledger is accurate and up-to-date to avoid overpaying taxes and reduce audit risks with a thorough review.
If your fixed asset ledger is outdated, you may be depreciating things you no longer own or missing deductions altogether. This creates inflated tax bills and audit risk.
A Fixed Asset Review is an important process for businesses to regularly assess, manage, and update their fixed assets such as property, equipment, machinery, and other long-term investments. This review ensures that the company’s asset records are accurate and that the assets are properly accounted for, maintained, and utilized. The benefits of a Fixed Asset Review can have a wide-ranging positive impact on financial accuracy, tax planning, and operational efficiency.
A comprehensive Fixed Asset Review includes an in-depth analysis of a company’s or individual’s entire fixed asset register and depreciation schedules to identify misclassified assets, double entries, and underutilized write-offs, then correcting errors in your ledger and depreciation schedules according to IRS guidelines. We clean up ghost assets, reclassify miscategorized items, and uncover deductions that were never claimed, optimizing your tax position and maximizing tax deductions and savings.
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 or special depreciation allowances. Claiming these can result in permanent tax savings and improved cash flow.
→ saving $87k in taxes
→ saving $117K in taxes
→ $41K additional deduction
At Specialty Tax Advisors, we specialize in conducting thorough Fixed Asset Reviews to help businesses optimize their asset management and maximize tax savings. Here’s why businesses trust us:
Our team of experts brings years of experience in tax strategy and asset management, ensuring that your business benefits from accurate and efficient tax reporting.
We customize our services to your business's specific needs, ensuring that your asset management aligns with IRS guidelines and delivers the maximum tax benefits.
We ensure that all changes to your asset ledger are documented and defensible, providing you with audit-ready documentation that will withstand IRS scrutiny.
We provide in-depth reviews of your fixed asset ledger, identifying errors and uncovering missed deductions that can lead to substantial tax savings.
Our Fixed Asset Review process often leads to significant tax savings, from recovering missed depreciation to uncovering special depreciation allowances that were previously overlooked.
Our clients regularly see substantial savings in taxes after a Fixed Asset Review. With successful outcomes across multiple industries, we have a proven track record of delivering results.
A Fixed Asset Review is an in-depth evaluation of your company’s asset ledger and depreciation schedules to identify errors, misclassifications, and missed deductions, ensuring accurate tax reporting and optimized tax savings.
Any business with significant fixed assets (typically $500K+) or those that have not audited their fixed asset ledger in the past 3+ years should consider conducting a review. This is especially important for real estate and equipment-heavy industries.
A Fixed Asset Review can uncover missed depreciation and deductions that were not previously claimed, leading to tax savings. By correcting depreciation schedules, businesses can avoid overpaying taxes and may qualify for accelerated depreciation.
Ghost assets are assets that are still recorded in your books but are no longer in use or owned by the company. These can lead to inflated tax liabilities and unnecessary insurance premiums. A Fixed Asset Review removes these phantom assets, improving financial accuracy.
A Fixed Asset Review typically leads to 10-30% in tax savings from recovered depreciation and missed deductions. It also helps improve cash flow by aligning depreciation with current tax laws.
They may track it, but they often don’t optimize it. Our team goes deeper.