About Franklin P. Sparkman CPATax Preparation, Accountant, CPAFranklin P. Sparkman has more than 26 years of experience working with clients in the Lancaster area. Attention to detail and dedication to every client is part of what makes our service a notch better than all the rest. Small business owners and large corporations continue to benefit from our wide variety of business accounting services. Bookkeeping, payroll services and business accounting have never been as easy or as efficient as it is when you go with Franklin P. Sparkman. Tax Preparation Charlotte North Carolina Accountant Charlotte North Carolina CPA Charlotte North Carolina Tax Preparation Lancaster South Carolina Accountant Lancaster South Carolina CPA Lancaster South Carolina More About Us NC & SC Tax Forms Find more of our blogs at fpsparkmancpa.blogspot.com fpsparkmancpa.wordpress.com Waxhaw Office 704-315-6700 604 old Providence Rd, Waxhaw, NC 28173 Lancaster Office 803-286-8469 300 N Catawba St, Lancaster, SC 29721 Reporting Property Repairs vs. Property Improvements Internal Revenue Code section 162 generally allows a current business deduction for the cost of repairs and maintenance incurred during the year. On the other hand, Internal Revenue Code section 263 requires the capitalization of amounts paid to acquire, produce, or improve tangible property. Since repairs and improvements often have very similar characteristics, it can be tricky to classify the expenditures. However, correct classification is important because the cost of repairs can generally be deducted in the year paid, while improvements must be... Find the full article at http://fpsparkmancpa.blogspot.com/2018/07/business-tax-preparation-repairs-vs.html
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Franklin P. Sparkman CPA
Serving The Charlotte Metro Area Since 1992; you can trust the experience and long standing reputation of Franklin P. Sparkman. Click here to learn more about our business. Archives
October 2018
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