Building owners are challenged to invest in their business while maintaining profitability, cash flow, and return on investment. Cost segregation is an important tool for many property owners because it helps significantly reduce income tax liability in the early years of property ownership and increase cash flow. Owners can even use cost segregation to look back and catch up on any missed depreciation deductions. Cost segregation allows a commercial property owner or lessee to accelerate the depreciation on certain assets within a property. The major benefit of cost segregation is that a property owner can take advantage of the time value of money through the use of a front‐loaded depreciation schedule. The main objective is to identify property components that could be reclassified to shorter recovery periods to accelerate building depreciation and defer income taxes.