Make sure repairs were actually repairs before you deduct the cost

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]

Beware of these ‘Dirty Dozen’ tax scams

As tax season is heating up, so are the scams. The Internal Revenue Service has rolled out its annual “Dirty Dozen” list of tax scams for the 2018 filing season. Many of the scams are perennial, showing up year after year, while others have a new twist on an old con. One such example is […]

Size of charitable deductions depends on many factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]