Make Sure Repairs to Tangible Property Were Actually Repairs Before You Deduct the Cost
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide your business with 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 […]
