Tax Strategies & Credits

What is IRS Form 3115 and how it is used if you are a Small Business Owner or Landlord?

What is IRS Form 3115 and how it is used if you are a Small Business Owner or Landlord?

You will probably have to file IRS Form 3115 on your 2014 return to comply with the new, retroactive repair and improvement regulations that became effective for 2014. Form 3115 allows you to make current year, 2014, expensing and capitalization adjustments for actions taken in the prior year that were not in compliance with the final regulations. Failure to do so can have serious repercussions if your expenses and depreciation are challenged in an audit.

If you have prepared your own return in the past and are unfamiliar with the new 200-page repair and improvement regulations, it may be appropriate for you to seek professional assistance in preparing your 2014 return. This would not be the year to rely on do-it-yourself software or big-box part-time preparers.

Locate tax professionals in your local area on www.TaxBuzz.com.

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Lee Reams II

Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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