New Repair Regulations

Picture of Heather Palermo Heather Palermo | January 24, 2014

tax strategy

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.

 

Donating to Charity

Picture of Heather Palermo Heather Palermo : | January 29, 2016

If you support certain causes throughout the year, your gift might be tax deductible and reduce any tax you owe. If you want to claim a tax deduction...

small business accounting tax strategy

IRS Warns on ‘Dirty Dozen’ Tax Scams

Picture of Heather Palermo Heather Palermo : | March 29, 2018

With just over two weeks away until Tax Day, the Internal Revenue Service (IRS) is encouraging taxpayers to remain vigilant about the aggressive and...

small business accounting tax strategy
5 IRS Audit Red Flags

5 IRS Audit Red Flags

Picture of Heather Palermo Heather Palermo : | May 06, 2016

As tax season approaches, many questions might race through your mind: Have I reported all my income? Are my deductions legitimate? Do I have the...

small business accounting tax strategy