Home Improvements and Taxes: What You Can (and Can’t) Deduct For any renovation or repair to qualify for a tax deduction, the work must qualify under IRS rules as a home (or capital) improvement. Examples of projects that may...
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Own Property? Here’s a Smart Way to Save on Taxes Own property? Here’s a smart way to save on taxes.If you’re a property owner looking for ways to reduce your tax bill, cost segregation might be the strategy you’ve...
Disaster and Taxes: Understanding Casualty Loss Marshall, North Carolina, a town of about 800 people, was more or less wiped off the map on Sept. 27, 2024, by Hurricane Helene. Residents said they had never seen the river rise...
Using the Section 179 Deduction Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and...
Intro to Business Deductions To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or...