Are HVAC Repairs Capitalized?

Taxes are complicated. Whether they are personal taxes or taxes that you pay for your business, it’s always a complex web to make sure you are paying what you owe, but not any more than is legally required. Spending money on your property is one of those areas where the tax waters can get murky, as sometimes you’ll be able to take that money and deduct it as an expense, while other times, it will require you to record it as a capital improvement. So, which one is it when it comes to HVAC repairs?

 

No matter how your taxes play out, one thing is for sure – you should always work with a trusted HVAC contractor when anything needs to be done on your property. Berico has an expert team with the experience needed to handle any heating and cooling projects, so get in touch today to learn more.

 

The Answer – It Depends

You probably aren’t surprised to learn that the answer to a tax-related question is that “it depends”. That always seems to be the case with tax issues, and it is the case here. Ultimately, it will depend on what exactly is being done to your HVAC system. Some types of work conducted on the system will usually be accounted for as expenses, while other costs will be capitalized.

 

As a starting point, you can think of ongoing maintenance to keep the current system running properly as an operating expense. Most likely, these expenses will just be deducted from the income statement in the period that they occurred. For example, if you bring in Berico to complete a routine inspection of the system, or to replace the filters and address any minor issues that have developed through routine operation, those are all likely to be operational expenses.

 

Shifting to Capital Expenditures

It’s typically when the costs become greater and the work becomes more notable that you will start to think about your HVAC costs moving over into capitalization instead. This is when you have done something to significantly upgrade the HVAC system or made an improvement that is going to allow you to continue to use the system for a much longer time to come. Adding some equipment to the existing system in a way that enhances its performance or gives you a reason to think you can keep using this system for a lot longer, might allow you to use capitalization in accounting.

 

Always Get the Right Help

These decisions should not be made without the help of a qualified accountant. You want to make sure your financial professionals are involved in such important choices so you can get it right the first time and not run into any trouble later. For a relatively large business, establishing policies for what is expensed and what is capitalized will help to streamline the process and add consistency.

 

You shouldn’t let tax concerns slow you down when needing A/C repairs in the middle of a hot Greensboro summer. Simply get in touch with Berico today to have the work completed promptly.

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Tips for Improving Indoor Air Quality with Your HVAC System

Breathing clean air is an experience that everyone deserves in their home. When the air in your home is fresh, it makes it easier to relax and enjoy your time with family – and, of course, that clean air will help everyone stay healthier. If you’d like to take some steps toward cleaner air in your home, the tips below should be helpful.

 

Working with a trustworthy partner on this project is also important, which is why Berico needs to be at the top of your list for all heating and air conditioning projects. You can quickly and easily elevate your indoor air quality with Berico on your side!

 

The Essential Starting Point

There are plenty of advanced techniques you can use to improve the air quality in your home, and we will get to some of those in a moment. However, the only place to start this discussion is with the air filter that is serving your HVAC system. If the air filter isn’t doing its job, you’ll struggle to maintain clean air, even if you take some other steps.

 

Fortunately, this is an easy point to check off your list. You need to do just two things – buy a good quality air filter – which won’t be very expensive – and change it out regularly. By switching out the air filter as soon as the old one gets too dirty to function properly any longer, you’ll not only be improving your air quality, but you will also be helping the whole HVAC system function more efficiently.

 

Berico has teamed up with FilterFetch to simplify your HVAC maintenance routine. With FilterFetch, you can say goodbye to the hassle of remembering to purchase and replace your HVAC filters. As a trusted Berico partner, FilterFetch delivers high-quality, professional-grade filters right to your doorstep. If you’re ready to streamline your filter replacement process and ensure optimal air quality in your home, check out our HVAC Filter Service through FilterFetch today. Here’s the link:  HVAC filter delivery service.

 

Add a Purifying Device

You’ll be at a good starting point when you have a clean, quality air filter within your system. As a next step, consider adding an air purifier, such as the iWave, a product Berico is proud to install. This type of device produces ions actively to counteract a variety of particles in the air, such as pathogens and allergens. This is important, as some airborne particles are too small to be caught by a standard air filter, so they will flow freely unless you take an additional step. The installation of an iWave device is an affordable investment that will pay off in the form of cleaner air for years to come.

 

 

For the best Greensboro HVAC team available today, just call Berico and set up your first appointment. With a century of experience in the heating and air business, you’ll always be impressed by the service and pricing that Berico can deliver. Don’t wait any longer to get started!

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What Our Customers Say

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The Importance of Whole Home Surge Protection

Most of the time, the power grid is pretty reliable, and you can just allow your various pieces of equipment to run without any worries. There are issues that come up, however, and sometimes a surge of power may rush through the system and put your gear in danger. This is why you probably have a surge protector protecting your computer – but what about everything else? A whole home surge protector is the answer.

 

Berico is the right choice for all furnace repair and other projects in the Triad. Take a moment to call today to get more information about your upcoming project.

 

What is Whole Home Surge Protection?

This type of system is exactly as it sounds – it provides an additional layer of protection for everything in your house if more electrical current than expected flows through the building. Rather than needing to plug everything into different surge protectors, you can offer coverage to even things that you wouldn’t be able to connect to a standard strip, such as your HVAC system or your refrigerator. Not only that, but you get much better protection from a quality whole home system than you would ever get from a simple plug-in model.

 

A Great Value

When you compare the cost of having whole home surge protection added to your property against the potential expenses you could incur if equipment is damaged, it’s an easy choice. This type of protection is going to keep some of your most expensive pieces of equipment safe, meaning you won’t be forced to go out and buy a replacement sometime soon after a power event that wasn’t your fault.

 

Ideally, you would like to get the longest possible useful life out of all of your major pieces of equipment. Nothing lasts forever, of course, but getting even a few more years out of these major home components is a big financial win. With only a modest cost required to have the surge protection installed, you will have gotten great value for your money, and you can sleep a little better at night as a result.

 

More and More Technology to Protect

Even if all you needed a whole home surge protector for was to keep your big pieces of equipment like HVAC equipment and a refrigerator safe, it would be worth it. But these days, many homes have a list of smart features integrated into the design, and those components need to be protected, as well. You might have a security system that is connected to the electrical grid, along with a smart thermostat and many other pieces including your entertainment equipment. Keeping all of these parts safe is in your best interest, and a surge protection system can do just that.

 

Whether you need AC repair, furnace installation, or maybe the installation of a whole home surge protection system, Berico should be your first choice. With one hundred years in business and a reputation that speaks for itself, you’ll certainly be in good hands with this team.

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Berico Celebrates 100 Years

In February, and all of 2024, Berico will be celebrating it’s 100-year anniversary in the triad community.  Evolving from what was originally “Berry Coal” company in 1924, today Berico has expanded in the fuel, propane, lubricant, and HVAC industries.  Over the years Berico has grown their portfolio through organic growth as well as multiple acquisitions.  Today, Berico’s 113 employees help serve the triad from three locations in Greensboro, Burlington, and Eden.  Additionally, Berico’s wholesale fuel company, Gateco Oil Co., maintains a terminal position at Greensboro’s fuel terminals.

Berico upholds William N. Berry’s motto of “Always Dependable” as proven by it’s multiple Reader’s Choice Awards, BBB Torch Award for Ethics, and it’s generosity to the community.  Particularly Berico’s “Gift of Warmth” program helps raise (and match) donations to help support those in need of heat each winter.

Founded by William N. Berry, the company has successfully transitioned into its 4^th generation of family ownership.  After William N. Berry, the company was owned and operated by Joseph L. Berry, who was succeeded by the late John F. Fuquay and current CEO, Thomas A. Berry.  In 2011, current President, Will Berry joined as a 4^th generation Berry leader.

“We are extremely proud to enter our 100^th year supporting customers in the triad. I give credit to our great staff over the years, previous leadership, and dedication to our community for helping us reach this great milestone!” – Will Berry, President

Submitted by: Will Berry, President and Thomas A. Berry, CEO

 

 

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