New Repair Regulations

The IRS finally released long-anticipated regulations on when we can deduct repairs and improvements.  The new rules went into effect on January 1, 2014.   On the good side, the IRS will now allow us to immediately deduct items costing $200 or less.  On the not so good side, the new rules are much more complex and generally less favorable than the old rules when a repair or improvement costs more than $200.  If you are planning any repairs or improvements in 2014, please call us to minimize the impact of these new rules.  Elections, policies, and certain forms may need to be filed or created before this year is over.

 

Can I Deduct Home Improvements on my Tax Return?

For tax purposes, a home improvement includes any major improvements done that substantially adds to the value of your home, increases its useful...

Save BIG Money: Maximize Tax Benefits for Your Real Estate

Save BIG Money: Maximize Tax Benefits for Your Real Estate

Owning real estate for your small business isn't just a milestone—it’s a smart financial move. Beyond giving your business a stable location,...

New Repair Regulations Revisited

Now that the year is coming to an end, we would like to revisit the new repair regulations. The IRS has decided that we need to determine whether to...