It’s Tax Time! Why You Need Equipment Appraisals
Whether you do your own taxes or you have a tax professional help you with your taxes, you are going to have to deal with detailing your assets and calculating depreciation of your vehicles and equipment. Sure, you can guess what these numbers are, and some tax programs even have algorithms that can create a relatively accurate number. However, there is nothing as accurate or reliable at tax time than getting a certified appraisal from a professional equipment appraiser. If you haven’t considered an appraisal of your equipment for tax purposes, here’s why you need to change your mind.
Protect Your Business with a Certified Equipment Appraisal
No one is excited about an audit from the IRS. In fact, an IRS audit is one of the scariest, most stressful things that a business owner may ever have to go through. If you want to improve your chances of surviving or avoiding an IRS audit, make sure that your listed equipment is supported by a certified equipment appraisal. Equipment valuations and depreciations are often looked at very closely by IRS auditors. If you support your equipment and depreciation values with certified appraisals, you should have no reason to fear this part of an IRS audit.
Having a “real value” instead of a guess could decrease the taxes your business owes. This is great for your bottom line since every penny that you can keep can go towards building your business. Another added benefit of knowing the actual value of your equipment, by having it appraised, is that you know what your business is worth. This information doesn’t do much at tax time, but if you ever want to sell equipment or your business, you know what it’s really worth.