When “cost recovery” replaced “depreciation” in the tax code, savvy business owners found that this can be a huge money-saver.
You see, when that section of the law was enacted, it created new business deductions for business-use antiques and other assets, like gold, that can increase in value. But like anything else that involves the IRS, you have to know how to handle the details correctly.
EXAMPLE: Walk on your pricey antique rug and you’ll earn a nice deduction. Hang that same rug on the wall and you won’t get a deduction (because the rug has no “physical use.”)
Sure this sounds tricky. Which is why you should read my new article titled Tax Tips: Does Section 179 Allow a Tax Deduction for a Paperweight Made of Gold?
Three ways our fact-filled article can help you:
- We’ll tell you what you need to know about “wear and tear.” You wouldn’t want your best suit to be worn and torn, but “wear and tear” is a good thing when it comes to claiming a deduction for your valuable antiques and precious metals. You’ll get all the facts when you read the full article.
- We’ll provide a vital planning tip. If, for example, you want to use an expensive, five-pound bar of gold as a paperweight, how you acquire it makes a big difference to Uncle Sam. We’ll tell you how to make the IRS happy when you read the full article.
- We’ll provide a link to another invaluable article. It’s titled “Antiques Can Make Smart Assets for Your Business” and it’s “must” reading if you’re interested in collecting antiques. You’ll find the link to this information-packed article when you read the full article.