Because of the economic impact of inflation, many companies may need to conserve cash and not buy much equipment this year. As a result, the business may not be able to claim as many depreciation tax deductions as in the past. However, if the company...

Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period. This article explores...