Call Now For A Free Consultation!

Sign Up for Email Updates

Business Tax Tip

Keep repairs separate from major improvements. Ordinary repairs and maintenance on business equipment and buildings are deductible business expenses. Improvements which materially add to the value of the property or significantly prolong its useful life must be depreciated over a period of years. To avoid losing tax deductions for repairs and maintenance, make major improvements completely apart from repairs and maintenance.

Leave a Reply

Your email address will not be published. Required fields are marked *