{"id":113334,"date":"2021-01-11T10:53:07","date_gmt":"2021-01-11T10:53:07","guid":{"rendered":"https:\/\/www.aquatb.com\/?p=113334"},"modified":"2022-06-23T10:02:16","modified_gmt":"2022-06-23T10:02:16","slug":"what-is-the-depreciation-tax-shield","status":"publish","type":"post","link":"https:\/\/www.aquatb.com\/?p=113334","title":{"rendered":"What Is The Depreciation Tax Shield?"},"content":{"rendered":"<div id=\"toc\" style=\"background: #f9f9f9;border: 1px solid #aaa;display: table;margin-bottom: 1em;padding: 1em;width: 350px;\">\n<p class=\"toctitle\" style=\"font-weight: 700;text-align: center;\">Content<\/p>\n<ul class=\"toc_list\">\n<li><a href=\"#toc-0\">Divestopedia Explains Tax Shield<\/a><\/li>\n<li><a href=\"#toc-1\">Financial Reporting Accounting Vs  Tax Accounting<\/a><\/li>\n<li><a href=\"#toc-2\">How To Calculate Tax Shield?<\/a><\/li>\n<li><a href=\"#toc-3\">A Reconsideration Of Tax Shield Valuation<\/a><\/li>\n<li><a href=\"#toc-4\">Similar To Tax Shield<\/a><\/li>\n<li><a href=\"#toc-6\">The Depreciation Tax Shield In 2 Steps<\/a><\/li>\n<li><a href=\"#toc-8\">Breaking Down Tax Shield<\/a><\/li>\n<\/ul>\n<\/div>\n<p><img decoding=\"async\" class='wp-post-image' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"256px\" alt=\"interest tax shield formula\"\/><\/p>\n<p>Instead, income passes through to the owners and is taxed at their personal tax rate. Amortization is like depreciation for intangible assets, such as expensive software programs or the expenses to get a patent approved.<\/p>\n<ul>\n<li>The empirical results support the principle and enable predicting returns from sorting firms into quintiles by expected return, producing a 16\u201320% realized difference between top and bottom quintile.<\/li>\n<li>In other words, the tax shield protects part of the taxpayers income from being taxed.<\/li>\n<li>This phenomenon is known as double taxation, since the income is taxed twice.<\/li>\n<li>Here are a few reasons your business should take advantage of tax shields.<\/li>\n<li>To calculate OCF, accountants and business need to pull data from various financial statements.<\/li>\n<li>In each year, we would multiply the Depreciable Base by the Depreciation percentage in Step #3 above to calculate the expense in each year.<\/li>\n<\/ul>\n<p>To increase cash flows and to further increase the value of a business, tax shields are used. Depreciation tax shield is the reduction in tax liability that results from admissibility of depreciation expense as a deduction under tax laws.<\/p>\n<h2 id=\"toc-0\">Divestopedia Explains Tax Shield<\/h2>\n<p>In each year, we would multiply the Depreciable Base by the Depreciation percentage in Step #3 above to calculate the expense in each year. Let\u2019s take a look at how we would calculate Depreciation with each approach. Below, we take a look at an example of how a change in the Depreciation method can have an impact on Cash Flow . The interest may be too high in that the taxpayer may find himself not able to make the payments. It adds value to a business which is important for that person who wants to sell the business or get loans as well as investors.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"259px\" alt=\"interest tax shield formula\"\/><\/p>\n<p>The concept is critical, helpful and beneficial where the income of a business, individual or corporation is of high net worth. The taxes saved due to the Interest Expense deductions are the Interest Tax Shield. With the two methods clarified, let\u2019s look at the Cash Flow impact of each approach.<\/p>\n<h2 id=\"toc-1\">Financial Reporting Accounting Vs  Tax Accounting<\/h2>\n<p>Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. If you are a sole proprietor, consider allocating pre-tax profits to a 401 plan or a health savings account. Table 9 shows the results of the robustness test of the sample data. Among them, regression is a regression using a fixed effect model, and regression is an OLS regression. Despite the benefit that the debt provides, not various companies prefer them.<\/p>\n<ul>\n<li>A Tax Shield is an allowable deduction from taxable incomethat results in a reduction of taxes owed.<\/li>\n<li>However, the interest expense linked with a mortgage is tax-deductible, which offsets against the individual\u2019s taxable income.<\/li>\n<li>Free Financial Modeling Guide A Complete Guide to Financial Modeling This resource is designed to be the best free guide to financial modeling!<\/li>\n<li>When the leverage is changed to reflect the reduced fixed obligations and the equity is increased to incorporate the value of the tax shield.<\/li>\n<li>Another benefit of this strategy is that you won\u2019t have to pay FICA taxes on the child until they turn 18, or FUTA until they turn 21.<\/li>\n<li>Moreover, a few covenants demand the company to maintain various ratios such as debt coverage ratio or debt-equity ratio.<\/li>\n<\/ul>\n<p>Interest that a person pays on debt or a loan carried on the financial statement or balance sheet is tax-deductible. This is also termed as an interest tax shield approach which will be studied in brief later.<\/p>\n<h2 id=\"toc-2\">How To Calculate Tax Shield?<\/h2>\n<p>A much better way to think about the effect of a tax shield on interest is to think about a house with and without the shield as shown below. This diagram illustrates the equity value you would have in a house with and without a tax shield. The starting point is the value of the house which is 100,000 whether the tax shield exists or not. In this case, the nominal amount of the debt at an interest rate of 10% yields a value of equity 40,000 because of the debt that has a value to both investors and to you of 60,000. To make the case simple, the loan is assumed to be a perpetual loan where the value of the loan is the nominal interest payment divided by the interest rate. The concept was originally added to the methodology proposed by Franco Modigliani and Merton Miller for the calculation of the weighted average cost of capital of a corporation. Businesses, both big and small, can immensely benefit from the use of a tax shield.<\/p>\n<ul>\n<li>This small business tool is used to find the tax rate by using interest expenses and depreciation expenses.<\/li>\n<li>The internal rate of return is a metric used in capital budgeting to estimate the return of potential investments.<\/li>\n<li>A company&#8217;s financial accounting provides information about its performance and financial position, but it also allows business leaders to take advantage of opportunities to save money.<\/li>\n<li>To start, an organisation may have to agree to refrain from an action like not selling back their assets.<\/li>\n<li>Right now, the store can keep up with local demand, but Kelsey\u2019s social media presence has massively increased the amount of online orders.<\/li>\n<li>If you invest in a new project with business cash or a capital contribution, the full amount of return on that investment is taxed.<\/li>\n<li>Let\u2019s take a look at how we would calculate Depreciation with each approach.<\/li>\n<\/ul>\n<p>It helps boost the value of an organization as it lowers the tax liability, which otherwise reduces the amount of assets. However, to be able to qualify for this kind of tax shield, as a taxpayer you will have to itemize deductions on your tax returns. Another qualification is that there must be an approved organization receiving the donations.<\/p>\n<h2 id=\"toc-3\">A Reconsideration Of Tax Shield Valuation<\/h2>\n<p>Other scholars have conducted industry analysis on non-debt tax shields. For example, Wu Yi found that there are differences in non-debt tax shield effects in different industries in China, among which are utilities, construction, wholesale and retail, real estate and other industries. The non-debt tax shield is significantly negatively related to the asset-liability ratio. Yue Shumin and Xiao Chunming verified that some industries implementing \u201cbusiness-to-business reform\u201d, such as transportation, modern services, and postal services, etc. Under the effect of the tax shield effect, the lower the income tax burden, the lower the debt level. Doina &#038; Michael conducted a study on the German corporate income tax reform in 2008, and demonstrated that when the reform caused the tax rate to decrease, the corporate debt ratio fell. The third column illustrates a much more sensible valuation and cost of capital analysis.<\/p>\n<p>Just like medical expenses, money given to charities will provide a lower amount of taxes owed by itemizing the deductions on the taxpayer\u2019s tax return. This means that those who have paid more on their medical expenses than that of the standard covered deduction will have the option of claiming more tax savings by itemizing. Now that you know how to use them, don\u2019t spend all your time calculating <a href=\"https:\/\/www.bookstime.com\/articles\/tax-shield\">tax shield<\/a> tax shields. Most require significant expenses that need to be considered along with other factors. If you use good tax software, it will automatically prompt you to use the best deductions and strategies. You may have heard that a large charitable donation was \u201cjust a tax write-off.\u201d This is partially true, since donating to approved charities can be written off of business taxes.<\/p>\n<h2 id=\"toc-4\">Similar To Tax Shield<\/h2>\n<p>To calculate the Tax shield, you multiply the Deductible Expense by the Income Tax Rate. The Depreciation Tax Shield reflects the Income Tax savings created by Depreciation Expense.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"252px\" alt=\"interest tax shield formula\"\/><\/p>\n<p>A line has to be reconfigured if a new product has to be produced by an existing line or any changes in product characteristics occur. In such cases, new operations have to be integrated on existing equipment while some previously assigned operations are deleted. Since transfer lines consist of a sequence of unit head machines, their reconfiguration is not an easy issue because of numerous constraints on compatibility of operations to be taken into account. In this paper, a Mixed Integer Program is proposed for solving this problem with objective to minimize the cost of the final line configuration. If she buys the new equipment, Kelsey can make an extra $5,000 per month (that\u2019s a lot of pies). But, Kelsey could also get a loan with a 7% interest rate, 20% down and a seven-year term.<\/p>\n<p>This is because the net effect of losing a tax shield is losing the value of the tax shield, but gaining back the original expense as income. The intuition here is that the company has an $800,000 reduction in taxable income since the interest expense is deductible. Operating cash flow means the revenue brought in by a company&#8217;s <a href=\"https:\/\/www.bookstime.com\/\">https:\/\/www.bookstime.com\/<\/a> normal operating activities. The operating cash flow focuses on the short-term income and expenses. When it comes to depreciation as a tax shield, it applies to assets that contribute to the income generation of the company and has an expected useful life of more than 1 year in order to qualify as a deduction.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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width=\"250px\" alt=\"interest tax shield formula\"\/><\/p>\n<p>If an investor pays $1,000 of capital, at the end of the year, he will have ($1,000 return of capital, $100 income and \u2013$20 tax) $1,080. Though it reduces cash on hand, it, on the other hand, places money on investments which in turn results in higher returns which are a desire for any business owner. The internal rate of return is a metric used in capital budgeting to estimate the return of potential investments.<\/p>\n<p>A business can check the progress of their business when they properly calculate operating cash flow. A business can also monitor their finances to make sure they are operating smoothly.<\/p>\n<p>Another option before it is to acquire the asset on a lease rental of $ 25,000 per annum payable at the end of each year for 10 years. Tax AdvantageTax Advantage are the types of investments or saving plans that benefit tax exemption, deferred tax, and other tax benefits. FREE INVESTMENT BANKING COURSELearn the foundation of Investment banking, financial modeling, valuations and more. Helping private company owners and entrepreneurs sell their businesses on the right terms, at the right time and for maximum value.<\/p>\n<p>Depreciation is the loss of value of a capital good overtime that can be written off on tax reporting. Depreciation is not listed as revenue and is a method to spread out the value of capital goods overtime. EBIT calculations usually involve revenue, depreciate, and sales.<\/p>\n<p>However, only charitable donations given to approved organizations will qualify as a deductible. Completion of VSEs may give surgical applicants increased control over Match outcomes. Our findings may assist future students in strategic decision making when determining whether and where to use VSEs. We need to see what the numbers look like over the life of the loan.<\/p>\n<p>The adjusted present value isn\u2019t as prevalent as the discounted cash flow method. A reduction in taxable income achieved by claiming allowable deductions is a tax shield. A tax shield is a way to save cash flows and increases the value of a firm. Tax shields take different forms, but most involve some type of expenditure that is deductible from taxable income. A tax shield can be described as a reduction in taxes that results from availing an allowable deduction from taxable income. Tax shields vary from country to country and their benefits depend on the taxpayer\u2019s overall tax rate.<\/p>\n<p>Therefore, this article conducts a classification study for different industries to better analyze the tax shield effect. The research on the relationship between the non-debt tax shield and the choice of corporate capital structure began as the extension of Deangelo &#038; Masulis to the Miller model. An optimal capital structure model was constructed and the non-debt tax shield was negatively related to the asset-liability ratio. The gross debt and the net of tax debt is computed as a percent of the enterprise value in lines 57 and 58. The gross interest and the tax shield is computed from the gross debt value. The interest flows and the tax shield cash flows can then be discounted at the market interest rate that has nothing to do with the gift given to the firm.<\/p>\n<p>Necessary tax shields are making charitable contributions, loans or debt, medical expenses, acquiring fixed assets, etc. A point to note is that mortgage or debt itself is not a taxable expense. Similarly, buying assets is not a deductible expense; instead, the depreciation and repairs thereon on that asset help to lower the taxable income. For example, if a company has cash inflows of USD 20 million, cash outflows of USD 12 million, its net cash flows before taxation work out to USD 8 million. If the tax rate is 33%, the company\u2019s tax liability works out to USD 1 million (USD 3 million \u00d7 33%) which equals after-tax net cash flows of USD 7 million (USD 8 million \u2013 USD 1 million). A tax shield is any deduction that the tax code allows for businesses to reduce their taxable income and, consequently, pay less in business income taxes. Tax shields take several forms, but most involve some type of expenditure that is tax-deductible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Content Divestopedia Explains Tax Shield Financial Reporting Accounting Vs Tax Accounting How To Calculate Tax Shield? A Reconsideration Of Tax Shield Valuation Similar To Tax Shield The Depreciation Tax Shield In 2 Steps Breaking Down Tax Shield Instead, income passes through to the owners and is taxed at their personal tax rate. Amortization is like [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[92],"tags":[],"class_list":["post-113334","post","type-post","status-publish","format-standard","hentry","category-bookkeeping"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"admin","author_link":"https:\/\/www.aquatb.com\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"Content Divestopedia Explains Tax Shield Financial Reporting Accounting Vs Tax Accounting How To Calculate Tax Shield? A Reconsideration Of Tax Shield Valuation Similar To Tax Shield The Depreciation Tax Shield In 2 Steps Breaking Down Tax Shield Instead, income passes through to the owners and is taxed at their personal tax rate. Amortization is like&hellip;","_links":{"self":[{"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/posts\/113334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113334"}],"version-history":[{"count":1,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/posts\/113334\/revisions"}],"predecessor-version":[{"id":113335,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=\/wp\/v2\/posts\/113334\/revisions\/113335"}],"wp:attachment":[{"href":"https:\/\/www.aquatb.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aquatb.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}