Adiós 2020! Our Year-End Report
Between the economic impact of COVID-19 and an especially difficult hurricane season, businesses and families have struggled to get through the past twelve months. To the dozens of clients that have engaged with us on cost segregation studies over the past year, thank you.
According to our annual cost segregation report, we completed cost segregation studies on 36 buildings around the country last year, amounting to a tax impact of $5,058,397. We are honored to know that we have had a positive impact on the manufacturers, real estate developers and other entrepreneurs in our community.
The tax savings that we free up for clients provides them with capital that they can use to maintain or hire personnel, make additions and improvements to their buildings, or otherwise invest in their business. In a year defined by the economic pressure of COVID-19, these savings had more of an impact than ever. The buildings we worked on this year ran the gamut from 10-year old office buildings to brand new, state-of-the-art self storage facilities. These buildings are located throughout Louisiana, Texas, and Colorado.
Many clients have expressed uncertainty because of proposed changes in the tax code that could be in the works under a new administration. Rest assured, we will continue to stand by our engineering-based methodology and the tax impact that it provides. If you own a commercial property, please request an estimate today so that we can get a tax-saving study underway for you this year.
For more information please contact our Director of Cost Segregation at clayton@lumpkinagency.com.
The information provided in this blog is intended for general information only, and is not meant to constitute tax advice.