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Cost segregation is a tax strategy used to accelerate depreciation on commercial and investment properties. It involves identifying and reclassifying certain components of a property's construction or acquisition costs from real property (depreciated over 27.5 or 39 years) to personal property or land improvements (depreciated over 5, 7, or 15 years). By accelerating depreciation, property owners can reduce taxable income in the earlier years of ownership, leading to immediate tax savings.

Most R&D credits claimed in the US go to larger corporations. Recent changes, however, have allowed Small to Medium Sized Businesses and even pre-revenue start-ups to access one of the country’s biggest tax incentives. With Tru Benefits Consultants behind you and a team of CPAs and Tax lawyers, it’s your turn to benefit from the innovative investments you’ve made. The incentive’s there, let’s take it.

A Section 125 plan, or cafeteria plan, lets employees choose from a menu of pre-tax benefits like health insurance and flexible spending accounts. It lowers employees' taxable income, increases take-home pay, and reduces employer payroll taxes. Compliance with IRS rules is essential for maintaining tax advantages. It's a flexible and tax-efficient way for employers to enhance benefits and for employees to save on taxes while covering essential expenses.

The Employee Retention Credit (ERC) is a tax incentive to help businesses keep employees during economic downturns like COVID-19. It offers a refundable credit against employment taxes for eligible employers who retained workers despite revenue declines or shutdowns. The credit covers a portion of qualified wages paid to employees, providing financial support and encouraging workforce retention. Exp 4/15/25

Discover Financial Services has agreed to a $1.2 billion settlement to resolve class-action lawsuits overcharging merchants by misclassifying certain credit card accounts. This misclassification led to merchants paying higher fees. The settlement will compensate affected merchants and resolve a compliance issue ahead of Discover's merger with Capital One.

The Self-Employed Tax Credit (SETC) provides financial relief to self-employed individuals affected by economic disruptions like COVID-19. It offers a refundable credit based on a portion of net earnings, compensating for lost income due to government restrictions or reduced business activity. This credit helps independent workers recover and sustain their operations. Exp 4/15/25