with Jean Willard
Now that tax season is months behind us, it’s time to catch up with all the new topics that will affect us over the course of this year and beyond. One of the areas we need to put more emphasis on is whether money spent should be classified as a true repair or as a capitalized fixed asset.
Do you owe the IRS for an item related to your individual 1040 return? Is the payment due within 30 days? If so, you may want to take advantage of a new IRS payment system that allows you to make tax payments directly from your checking or savings account.