When starting or upgrading a business, buying furniture from NJ’s best furniture stores could be a major part of your cost. Can you “write off” those costs on your taxes? What if the furniture is secondhand? You most likely can—keep reading to see our best tips for accounting for secondhand furniture at tax time.
Does Secondhand Furniture in NJ Count As A Tax Deduction?
Many people are familiar with the IRS’s rules on business or office furniture, which generally limits your startup furniture costs to $5,000. Huge firms can spend up to a million, but those are typically capital costs—and if you’re spending a million dollars on furniture, you’re probably not shopping secondhand! NJ’s smaller and startup businesses, however, fit the furniture limit perfectly. Any office furniture that you need for your business, including office desks, office chairs, cabinets, conference tables, shelves, or filing cabinets are part of your business’s furniture—and just like new furniture, secondhand furniture can be tax-deductible.
Buy Secondhand Office Furniture in NJ From a Reputable Business
Just like any tax or financial matter, you’ll need proof of purchase should your taxes ever get audited. That’s why you’re better off buying furniture from a reputable secondhand furniture store in New Jersey. We provide you with receipts, invoices, and other documentation to comply with audits or other accounting best practices.
Save The Receipt From Your Secondhand Furniture Store For Your Accountant
Remember that receipt? Save it and give it to your accountant! Unlike picking up a used desk from a seller on social media, when you shop CFR secondhand furniture, you get the proper business paperwork and receipts. But these need to go to your accountant or tax preparer to get the benefits.
Yes, even secondhand furniture in NJ can count toward business tax deductions! Save big when you buy secondhand with Commercial Furniture Resource, and save bigger when you submit receipts for tax deductions.