An Often-Overlooked Asset for Businesses As a business owner, staying informed about tax deductions and wise investment choices is important. This February 2023 antiques article provides valuable information on how you can deduct the cost of certain antiques used in your business. The courts have established a legal precedent for your doing so by ruling in favor of … [Read more...]
Antiques
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Did you know antique tractors are deductible?
Did you know antique tractors are deductible? Are you aware that antique tractors can be deductible? You might be surprised to know that the IRS once tried to challenge this very topic in court. In a recent article, Tractors, Antique or Not, Are Deductible," we dive into the interesting case of Steven Hoakison and his collection of antique tractors. Hoakison faced an … [Read more...]
Yes, the Antique Chair Is Deductible
Let’s assume, for the purpose of discussion, that you use a $10,000 antique chain in your office. Then let me give you two pieces of advice… First, be very, very careful when you sit down. Second, and definitely not a joke, learn how the IRS treats the depreciation of your chair and other valuable antique items that you use in your office. Understanding the … [Read more...]
Tax Deduction for Classic/Antique Cars Used in Business
Do you have a classic or antique car that you use for business? If you do, can you deduct it the same way you would deduct any car you use in business? The short answer is “yes,” but you must meet two criteria imposed by the courts: The car must be of a type that’s subject to “wear and tear, decay, decline, or exhaustion”The car must be used in your trade or … [Read more...]
Create Extra Cash by Using Depreciable Antiques in Your Business
Looking for an end-of-year tax break that can put big money in your pocket? Buy antiques you can use in your business. Why is this a smart move? Because you can depreciate or even Section 179 expense them. And you can benefit by creating tax-favored, long-term capital gains. That’s right. You can buy a desk, clock, rug, cabinet, bookcase, paperweight, conference table, … [Read more...]