Spruce up the Premises

Spruce up business premises. Generally, amounts paid to improve tangible property must be capitalized and depreciated over time, but recent regulation provide a unique opportunity. Under a safe-harbor election in the regs, your small business may currently deduct certain building costs above and beyond the maximum Section 179 allowance. Among other requirements spelled out in the regs, the election is limited to $500 for specific item or $5,000 if you have an “applicable financial statement: audited by a CPA