April 23rd, 2016

TAX TIP OF THE DAY...  small business #1 missed deduction

Small businesses convert personal items to business use all of the time...  and generally miss the deduction.  These are items that you origianlly purchased years ago for home use or before you even had a business:
1) tools out of your garage taken to work
2) home office desk, chair, carpet
3) you replaced your home computer and took the old one to the office
4) GPS for the car
5) old coffee maker taken to work
6) old telephones taken to work
7) waiting room chairs that came from your basement

WHAT YOU NEED TO DO:
Step 1: look around your work area and make a list of everything that came from home.
Step 2: assign a fair market value (ebay value) to each item on the day that you moved it from home to work.
Step 3: give list to your accountant for special conversion rule treatment. 

SHARE WITH A FRIEND. 
If you need tax help... www.baboiancpa.com