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Tax Deduction Consulting: Parking Spaces Mitchell SD

Most business deductions are those items that are the expenses of doing business. The words ordinary and necessary are often used to determine the validity of a business expense. There are many local, State, and Federal laws and regulations that require handicap access and parking. Any expense that is incurred by a business in the fulfillment of these requirements and to comply with the law would, naturally, be a necessary expense.

Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
Qualifications
Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

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H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

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Liberty Tax Service
(866) 871-1040
532 E Anamosa St
Rapid City, SD

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Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

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H&R Block Inside Sears At Rushmore Mall
(605) 399-2114
2200 N MAPLE AVESW Suite 8
RAPID CITY, SD

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Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

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Carlon & Millar Prof Llc
(605) 996-6850
201 E 4th Ave
Mitchell, SD
 
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Tax Deduction Consulting: Parking Spaces

Tax Deduction for Parking Space

Is there a tax deduction for making a parking space? Surprisingly the answer to this question is yes. It is part of the Governments program to improve accessibility for the disabled.

The Federal tax deduction program has the rather long and unwieldy name of the Federal Tax Deduction for the Removal of Architectural and Transportation Barriers to People with Disabilities and the Elderly. There are also certain tax credits on both the Federal and State level that encourage this same idea. A tax deduction for a parking space might not make perfect sense for a pure profit and loss point of view. This is what makes this kind of business deduction subject to special consideration.

Most business deductions are those items that are the expenses of doing business. The words ordinary and necessary are often used to determine the validity of a business expense. There are many local, State, and Federal laws and regulations that require handicap access and parking. Any expense that is incurred by a business in the fulfillment of these requirements and to comply with the law would, naturally, be a necessary expense.

The idea of special deductions is to encourage actions by the business that go beyond the scope of the requirements and the law. Any activity like increased handicap parking and architectural changes to buildings to enhance accessibility that go above what is needed and required would also be tax deductible. The ability to reduce taxes by doing something that is in the best interest of the company is something that should provide much incentive that can only result in improvements in the area of handicapped accessibility.

In recent years enforcement of the laws that apply to handicapped parking and accessibility has become stricter and enforcement has followed suit. It is not in any company's best interest to ignore this issue and this has made the expense of compliance a very normal and necessary business expense that im...

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