Internal Revenue Code section 162 generally allows a current business deduction for the cost of repairs and maintenance incurred during the year. On the other hand, Internal Revenue Code section 263 requires the capitalization of amounts paid to acquire, produce, or improve tangible property. Since repairs and improvements often have very similar characteristics, it can be tricky to classify the expenditures. However, correct classification is important because the cost of repairs can generally be deducted in the year paid, while improvements must be capitalized and the deduction taken over several years through depreciation.
An improvement requiring capitalization occurs with an addition to or partial replacement of property that results in a betterment of the unit of property, restores the unit of property, or…
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Tips for Newlyweds
Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.
As with any tax issue, contact your tax professional to help you navigate your own unique situation.
Notify the Social Security Administration (SSA)
If one of you has taken on a new name, report…
Find the full article at http://fpsparkmancpa.blogspot.in/2017/08/newlyweds-tax-tips.html
Franklin P. Sparkman CPA
Tax Preparation, Accountant, CPA – Charlotte NC & Lancaster SC
Franklin P. Sparkman has more than 26 years of experience working with clients in the Lancaster area. Attention to detail and dedication to every client is part of what makes our service a notch better than all the rest. Small business owners and large corporations continue to benefit from our wide variety of business accounting services. Bookkeeping, payroll services and business accounting have never been as easy or as efficient as it is when you go with Franklin P. Sparkman.
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Lancaster, SC 29721
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Business accounting and tax preparation Charlotte is a dreadful task for most Carolina business owners. Thankfully, in your time of need there is a professional you can trust to turn to for assistance…
Full article available at http://fpsparkmancpa.blogspot.com/2017/03/business-entity-comparisoncharts.html
If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits.You can claim more than one education benefit in a tax year as long as you do not use the same expenses for more than one benefit.
Find the full article at http://fpsparkmancpa.blogspot.com/2017/01/education-taxbenefits.html
Employee or Independent Contractor? In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what is needed for tax preparation Lancaster SC; what taxes are paid and who is responsible for reporting and paying…
Find the full article at http://fpsparkmancpa.blogspot.com/2016/12/employee-or-independent-contractor.html