Insight
Show notes:
In this episode of Buildings 2.0, Jose speaks with Sales Manager Heather Fisher and Building Incentives Manager Michael Royster at Corporate Tax Advisors about cost segregation.
They discuss what cost seg is, the benefits and challenges, and when a building owner should look into it for themselves.
Topics discussed:
- What is cost segregation and who it might apply to.
- Who building owners can ask whether cost seg might benefit them.
- The biggest challenge of cost seg.
- Nuances and considerations to cost seg, even when a business owner qualifies for it.
- When is the perfect time to look into cost seg?
- How people in other fields such as engineering, along with technology, can help cost seg become even easier.
Guest Quotes:
#1.)
"We act as an extension of your already existing accounting firm or your CPA team to help them help you leverage these incentives when they're needed. A lot of times we can't rely on a CPA to say, ‘Hey, you need to do this.’ And so a lot of times, something we see, they bring it to their CPAs and they're like, ’Oh, that's a great idea. I'm so glad you found somebody, or let me introduce you.’ And so that relationship is very much a two way street." (8:51-9:20)
#2.)
“Cost segregation is relevant for really, any business owner, larger, small residential real estate companies that are doing residential rentals, really just anybody that's paying money on a building or owns a building.” (3:50-4:05)
#3.)
“Your CPA is, their goal is for you to pay your taxes and to get what they can for you as best as they can. We're here as the supplement, so we're going to work with them to help.” (10:24-10:37)
#4.)
“Your CPA should be able to say, is this something that we should do? Like, are we going to get use out of the study? So there are a few little nuances to think about as well.” (18:14-18:23)
Get in touch with Heather Fisher:
Get in touch with Michael Royster:
Get in touch with your host, Jose Cruz:
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