Tangible Property Deductions
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Repair or improvement: Does the distinction matter under current tax law?
Ordinary repair and maintenance costs are generally deductible in the year they’re paid or incurred, depending on your accounting method. Costs that improve property must be capitalized.…
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How what you donate impacts your tax deductions
Have you already made contributions to charity this year? Are you considering making more between now and year-end? If so, it’s important to be familiar…
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Increase your current business deductions under tangible property safe harbors
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025…
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New deduction for QPP can save significant taxes for manufacturers and similar businesses
The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break…
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