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How do you record repairs and improvements?

Question: How do you record repairs and improvements? Answer: It’s important to distinguish improvements from repairs in your accounting as the tax treatment is very different. Repairs are deducted immediately. Improvements must be capitalized and are deducted (depreciated) over a number of years rather than all at once. Additionally, the difference between an improvement and

What documentation should I have to deduct a business trip?

Question: What documentation should I have to deduct a business trip? Answer: Documentation is key here. Proper documentation provides the support the government requires in the event you are audited. This means protecting your tax savings and avoiding penalties and interest. First, document your receipts. Your receipts for expenses, not only for travel, but also