Education: AA Liberal Studies, Limestone University
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
The easiest and most accurate way to do a cost segregation study is by hiring a cost segregation company. Your cost segregation team should include CPAs, engineers, and other experts. It is possible to do a cost segregation study yourself; however, we don’t recommend going this route.
CSSI has a solid reputation among property owners for its cost segregation services. The company places an emphasis on compliance and following regulations as it performs its cost seg studies, which is key to avoiding mistakes on your federal tax return and navigating an IRS audit.
Cost segregation is a tax strategy for taxpayers who own properties that are newly purchased, constructed, or remodeled. This strategy can be applied to property owned by individuals, corporations, trusts, or partnerships.
By combining engineering and tax approaches, along with using technology like its Smart Tour kit, Madison SPECS has completed over 30,000 cost segregation studies for properties of all sizes nationwide.
Cost segregation can be a lucrative tax strategy for taxpayers who own commercial or investment property. There are numerous benefits of cost segregation, but it’s not without its downsides. Before you hire a cost segregation company, find out if this strategy is right for you with our breakdown of the pros and cons of cost segregation.
Cost segregation can save your business thousands of dollars now and in the future by accessing property and accelerating depreciation. To take advantage of these tax benefits, you need a firm that specializes in cost segregation studies. But not every cost segregation company is equal. Choosing the wrong company can result in overlooked tax benefits or incorrect calculations that lead to IRS penalties and interest.
Is cost segregation worth it for your property? It depends. While many taxpayers will benefit greatly from cost segregation, this tax strategy isn’t a good fit for all property owners. This may be because the property doesn’t qualify for cost segregation, the drawbacks outweigh the benefits, or for other reasons.
Cost segregation allows you to write off specific costs over five, seven, or 15 years, and this frontloaded depreciation can cut your tax bill significantly. Many costs can be written off through cost segregation — from furniture and office equipment to POS systems and drive-thru equipment.
QuickBooks Money is a free business banking and payments app that draws much of your business finances into one easy-to-use dashboard. Like the best business bank accounts we cover, QuickBooks Money offers free banking services that will meet many small business owners’ needs.
Tax laws vary from state to state, so how the ERC affects your state income tax return is based on where you live. Many states have adopted federal laws for the treatment of ERC for state tax purposes, while others have created their own laws.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
