For tax year 2014, many taxpayers are faced with adopting the tangible property regulations (a.k.a. repair regs), which can result in significant tax benefits. Even if you have already filed your 2014 tax return, you can still amend and refile your return by September 15 (corporations) and October 15 (everyone else).
In the latest episode of the Brown Smith Wallace Brown Boarding Business Series, Robert Haggerty, Tax Partner at Brown Smith Wallace, discusses the three significant areas covered by the regulations (repairs and maintenance, partial asset dispositions and asset removal costs) and how real estate owners can experience tax benefits in each area.
Schedule a meeting with Rob Haggerty to discuss how to amend and refile your 2014 tax return to reap these benefits.