With tax rate reductions starting in 2018, accelerating tax deductions into 2017 filings generates tremendous tax benefits. The corporate tax rate is dropping from 35% to 21%, so shifting tax deductions into 2017 creates permanent savings. There are numerous often-missed tax planning ideas to do this, including the §179D Energy Efficient Building Deduction and Cost Segregation. These planning ideas are typically outside the services provided by CPA firms, as they require special tools, professional credentials, and expertise. Any company with over $5M in building assets should consider these tax planning ideas.
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