While tax matters may pose challenges, they offer opportunities for savvy navigation. In this edition of our newsletter, we’ll uncover how a Cost Segregation Analysis can lead to substantial tax savings.
Tax Savings: Cost Segregation Analysis
Do you own a rental property? Depreciation can reduce your taxes, but depending on the type of real estate you own, you might have to wait 27.5 or 39 years to receive the full benefit. Fortunately, Cost Segregation Analysis allows us to greatly accelerate your depreciation deduction. Instead of the standard 27.5 or 39 years, we can reduce it to a mix of 15, 10, 5, and even 1 year.
Consider this: just like the banks, we all understand that a dollar today is worth more than a dollar tomorrow. By utilizing cost segregation, you can retain your money now instead of writing a big check to the IRS. This allows you to invest your money in other income-producing areas immediately.
Cost segregation is your key to retaining more money and – by using it – leaving more for yourself to invest.
Stay tuned for our upcoming updates, where we will explore how you can deduct these depreciation losses against other income.
In exploring this option, know that we are here to help you find the right path towards maximizing your tax savings and making informed financial decisions.
Employee Spotlight: Erin Humbles, Chief Administrative Officer
Erin Humbles has played an indispensable role at Moskowitz LLP for nearly two decades, overseeing core administrative functions that are essential to the firm’s operations. As the Chief Administrative Officer, Erin’s responsibilities include managing day-to-day operations, human resources, accounting, and marketing functions. She collaborates closely with the firm’s founder, Steve Moskowitz, and Managing Attorney, Paul Vargas, to ensure that all aspects of the business, apart from the legal matters, run seamlessly.
Erin brings a wealth of expertise and strategic oversight to her role. Her focus on client advocacy and team alignment has been instrumental in driving Moskowitz LLP’s ongoing success. By developing efficient systems and processes for employees to execute their tasks, Erin plays a pivotal role in enhancing the client experience and fostering a culture of innovation within the firm.
Erin’s strong partnership with Steve Moskowitz, who has been a supportive and empowering mentor throughout her career, has been a catalyst for her professional growth. She values the trust and confidence that Steve has placed in her, enabling her to navigate challenging situations with resilience and creativity. Despite not being directly involved in tax or legal matters, Erin finds fulfillment in positively impacting clients’ experiences and actively contributing to problem-solving when systems encounter obstacles.
Looking towards the future, Erin is excited about the firm’s initiatives to continue to attract top talent and expand its accounting division. By offering subscription-style bookkeeping services tailored for small business owners, Moskowitz LLP aims to better serve its diverse client base and drive further growth and success. As Erin celebrates her 17th anniversary at Moskowitz LLP in June, her dedication and leadership continue to be invaluable assets to the firm’s evolution and prosperity.
This Month in Tax History
On June 5, 1931, Al Capone was indicted for 22 counts of federal income-tax evasion for the years 1925 through 1929. On June 12 Capone and others were charged with conspiracy to violate Prohibition laws for the years 1922 to 1931, proving that crime does not pay – especially if you don’t pay your taxes!
Than you for taking the time to explore the potential benefits of Cost Segregation Analysis with us. All of us at Moskowitz LLP are committed to helping you achieve your financial goals and look forward to continuing this journey together.