"We first selected Gary Bode because of his familiarity with a creative financing scheme for our new small business. During our time with Gary, his insights have helped us better structure our small businesses, save money, and learn to be better small business managers. When it comes to small business accounting, a little hand-holding goes a long way."—Justin and Joelle LeBlanc
The IRS Tangible Property Repair Regulations offer immediate write-offs in 2014 and permanent tax savings when you sell the building. If you don’t have a rental property CPA consider using us. Our virtual office means your location isn’t an issue. (910) 399-2705.
The IRS released its final version of the new Tangible Property Repair Regulations. This affects depreciation and write off of structural components of buildings.
- You can own the building or lease it.
- Small business now has the same accounting flexibility as the big boys. Equitable taxation for a change.
- There’s now an official threshold under which you can write off materials and supplies.
- Relief for small businesses. You can expense up the smaller amount of $10,000 or 2% of the building’s unadjusted basis.
- Writing off structural components of buildings when they’re removed creates more deductions now and can create permanent tax savings in the future.
- Administrative details are still forth coming.
“The new Tangible Property Repair Regulations are effective in 2014. That means strategic planning in 2013 could result in lower taxes in 2014.”
– Gary Bode, rental property CPA
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