Repairs and Maintenance…

Posted on: 2/14/11 by Kevin P. O'Leary, CPA

This time every year I am always asked from my business clients what can be expensed and what should be capitalized. I am linking a nice article about what the IRS looks for with regards to their R&M audits and thought it would be a good read for those of you who are nervous about your approach. One thing to think about also is with section 179 and Bonus depreciation available (sorry to get tax-y on you) you might want to consider capitalizing the asset and then use one of these accelerated methods to write most of the asset or all of it off in the first year. As always any questions please shoot me an email. Thanks, Kev-http://www.journalofaccountancy.com/Web/20113719.htm

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