Estimated tax tip savings. If you made major repairs on your property some years ago, at a cost of, say, $50,000, new IRS rules may grant you a bonus current tax deduction of up to $32,000.
For this year only, the IRS is allowing you to take extra deductions for certain renovations you made to your business or rental property in prior years.
Think about all the repairs and replacement work you’ve done in recent years: This rule puts cash in your pocket for work that required you to replace a major part of a business asset, such as
Putting a new roof on a building
Replacing the engine of a truck
Installing a new air conditioning unit and disposing of the old one.
If you have performed this type of fix-up, you get not one but two great benefits from this new IRS procedure—extra cash in your pocket now and relief from recapture tax you might otherwise have to pay in the future.
But this IRS offer comes with a deadline, and that deadline is fast approaching. If you don’t act on or before October 15, 2015 (September 15, if incorporated), then you forever lose ... Log in to view full article.