Billionaire Leona Helmsley once said only the poor pay taxes. She soon found herself serving four years in jail. Her estate had billions in property that needed furniture as a business expense. This is a common asset that allows depreciation written off over time for businesses. The key is that the furniture is for business use and not personal use. Leona would buy furniture for her house and write it off as a business expense. It is very important to have business and personal items separated. 99.9% of doctors don’t need a boat to do surgery. A doctor would need to show how owning the boat was business expense and not a personal expense. A fishing guide on the other hand would need a boat. The guide would have a much easier time proving the boat was a business expense. Gooding CPA can help you with business assets. Please contact us today for help.
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