Our Central NJ client operates a for-profit academy for special needs children. The building is 5000 square feet on 3 stories and covers 0.6 acres of land. It was purchased for $1.2M with an additional $500K in renovations to make it more child friendly.
Our initial income tax savings estimate of $69,000 was lower than the $186,000 in actual tax savings the client received (our estimates have historically been conservative).
The additional tax savings were found through our accelerated depreciation study where we found 5 and 15 year property including the windows, parking lot, and playground.
Do you have a school or similar building in use? Why not ask us for a free estimate? We might all learn how to save on our income taxes.
SEE MORE OF WHAT WE’RE UP TO!
The provided examples are for illustrative and informational purposes only. Results may vary depending on individual circumstances, and Manufacture Results LLC cannot guarantee the same outcome for others. Be sure to consult your own legal and tax professionals when making decisions for your specific situation.