About Franklin P. Sparkman CPA
Tax Preparation, Accountant, CPA
Franklin 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
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NC & SC Tax Forms
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Waxhaw Office 704-315-6700
604 old Providence Rd, Waxhaw, NC 28173
Lancaster Office 803-286-8469
300 N Catawba St, Lancaster, SC 29721
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 capitalized and the deduction taken over several years through depreciation.
An improvement requiring capitalization occurs with an addition to or partial replacement of property that results in a betterment of the unit of property, restores the unit of property, or...
Find the full article at https://fpsparkmancpa.blogspot.com/2017/09/business-tax-preparation-repairs-vs.html
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.