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Consider These Points When Preparing 

Your Income Tax Returns

 

Abandoned leasehold improvements:  If you moved your office or business last year and previously paid for leasehold improvements which you have abandoned, you are entitled to an income tax deduction for the undepreciated cost of these improvements.

Unamortized points:  If you refinanced your home last year, you may be entitled to deduct the unamortized portion of points from a previous refinance.

Sold, abandoned, or retired assets:  If you sold, abandoned, or retired items of furniture or equipment, you should alert your accountant, because property taxes in many states and localities are assessed by the cost of such assets. Review your list of active depreciable assets with your tax advisor to see whether some property tax savings are in order

On a similar note, be sure to inform your tax advisor if you have recently purchased business supplies, furniture, or equipment by credit card or deferred payment. If these items became part of your business before year end, their deduction will take place on last year's return, even though you may have delayed payments until this year.

 


 
 
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