If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up property; prolongs the useful life of the property; or adapts it to a new or different use. In addition to federal tax deductions, there may be state or local tax incentives involved in cleaning up contaminated property. If you have environmental cleanup expenses, we can help maximize the deductions available.
Author: Jeff Lucke
Jeff Lucke, CPA, is the founder of Lucke & Associates, with an entrepreneurial background. Jeff has had ownership interests in businesses within several industries including automotive, construction, healthcare, telecommunications, and restaurants, as well as being active in real estate. As an owner of a growing CPA firm and other businesses, he has gained unique insights into the challenges and issues that face other growing businesses that most other CPAs do not have. This kind of knowledge ultimately benefits every one of the firm’s clients. He is very involved with clients and becomes deeply involved in their businesses and helping them succeed. Jeff is a graduate of the University of Nebraska and holds a Bachelor of Science in Accounting; his professional affiliations include the AICPA and KSCPA. Jeff currently serves a board member for his community on the Construction Financial Managers Association, the American Diabetes Association, and Big Brothers Big Sisters.
