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I just bought new furniture for my business? Can these expenses be used on my tax return?

I just bought new furniture for my business? Can these expenses be used on my tax return?
 
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Category : > Business Tax
Posted On : Fri Nov 26th,2010

 
I just bought new furniture for my business? Can these expenses be used on my tax return?
 

I just bought new furniture for my business? Can these expenses be used on my tax return?

Answer: New furniture costs relate to future years making them a capital expenditure. Capital expenditures can not be expensed immediately, but rather must be expensed over future years. An exemption does exist and furniture costs can often be expensed right away.

Example: A taxpayer spends $10,000 on new furniture for his business. The entire $10,000 can be expensed right away, but because of tax planning reasons the taxpayer chooses to depreciate the cost of the furniture over the next five years.

  


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