New Repair Regulations

The IRS finally released long-anticipated regulations on when we can deduct repairs and improvements.  The new rules went into effect on January 1, 2014.   On the good side, the IRS will now allow us to immediately deduct items costing $200 or less.  On the not so good side, the new rules are much more complex and generally less favorable than the old rules when a repair or improvement costs more than $200.  If you are planning any repairs or improvements in 2014, please call us to minimize the impact of these new rules.  Elections, policies, and certain forms may need to be filed or created before this year is over.

 

Kaizen CPAs works with auto repair shops across the country. We know running a successful shop takes more than keeping the bays full. We help shop owners understand their numbers, stay ahead of taxes, and build stronger, more profitable businesses. Auto repair is at the heart of what we do, but we bring the same practical, hands-on approach to businesses in other industries, too.

YPD HCM is part of the Kaizen CPAs family. YPD HCM helps small businesses manage payroll, HR, and compliance with the right tools and personal, human support—from payroll and tax filings to onboarding, employee management, and more. It’s practical help for the people side of your business, from a team that’s there when you need them.

The information in this article is provided for general educational purposes and reflects conditions as of the publication date. It is not legal, tax, accounting, payroll, HR, or compliance advice. Every business is different, so talk with a qualified professional about your specific situation.

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