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Missouri

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Casualty Losses on Property, Income Tax, Individual Income Tax, Personal Property loses, Tax Deduction /

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. From 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

Casualty losses can provide a 2017 deduction, but rules tighten for 2018 Read More »

Make sure repairs to tangible property were actually repairs before you deduct the cost

Buildings, Depreciation, Exemptions, Repairs and Maintenance, Safe Habor, Small Business, Tangible Property Deductions, Tax Credits, Tax Deduction /

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible

Make sure repairs to tangible property were actually repairs before you deduct the cost Read More »