News & Events

Business or Hobby? New Tax Law Affects Deductions

Can you deduct hobby expenses under the new tax law? The quick answer is no. We will be happy to answer any additional questions you have about whether or not you are operating a business. Call us at 401-331-0500.

RI and MA Follow IRS Extension Deadline Relief

Rhode Island and Massachusetts are following the IRS lead to allow corporations, partnerships & S corporations who cannot file by the March 15th deadline, due to recent snowstorms Skylar and Quinn, to file extensions up to 3/20/18. Below are the links to view the announcements by state:

Repairs Versus Improvements: Some IRS Safe Harbors Can Help

Repair vs Improvement

Make sure repairs to tangible property were actually repairs before you deduct the cost. Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and...

2017 Tax Filing Deadline for Pass-Through Entities is March 15

Past Through Entity Deadline

When it comes to income tax returns, April 15th (actually April 17th this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as...

2018 March News in Review

Sansiveri’s 2018 March News in Review is a summary of news, events and links that we shared throughout the month of February. Just in case you missed an earlier post or email, this issue includes information on new streamlined IRS Partnership Rules; whether you should take bonus depreciation on your...

Does Your Business Qualify for a Sec. 179 Expensing Tax Break?

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax...