business taxes

Remodel now, deduct now under new IRS safe harbor rule

Changes allow businesses to deduct more capital improvements during the current year. • See more Finance articles

The Internal Revenue Service has introduced a “safe harbor” for retail and restaurant businesses that creates a unique write-off for the expense of remodeling or “refreshing” their establishments. Under the new safe harbor, restaurant owners can now use a percentage (75 percent) of remodel or refresh expenditures as immediately deductible with the remaining percentage (25 percent) capitalized and depreciated over time. Even better, because the safe harbor rule is retroactive it will apply

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