Does Your Business Qualify for the Tangible Property Tax Deduction?
Aug 05,2015
While you’ve likely heard plenty about the Tangible Property Final Regulations issued by the IRS in 2013, it’s worth taking a second look because several of the revisions could have a real impact on your business this year and beyond.Manufacturers and distributors, this is aimed at you:Did you replace a portion of your roof or roof membrane?Did you replace a roof in the past and are currently still depreciating the old and the new roof?Did you make other capital improvements to an existing asset? If you answered yes to any of these questions, there are deductions to be had and time is of the essence. Let’s look at a few considerations, which may get a little “IRS-y,” but a little bit of technical accounting that saves your manufacturing or distribution business tax dollars is probably worth this brief highlight:Under the “restoration and betterment” capitalization standard, a replacement of a roof membrane,...

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