Plan Now to Save on Taxes for the New Year
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As the year draws to a close, it’s almost time for those New Year’s resolutions. Before you start cleaning and decluttering, there’s a way your storage can save you money when the clock strikes midnight on New Year’s Eve.
Storing Your Work. If you’re a business owner, you know that storage is a must. From bulky equipment to those important files, a storage building from Hometown Sheds can keep your business necessities safe and covered. It can also save you money at tax time, too!
Saving on Taxes. When you purchase a shed, garage, or building before December 31st for your business, you’ll also be saving yourself money when April rolls around. Whether you’re a home business, working from home, or if you have a physical business and just need additional storage, your shed could count as a tax deduction. According to the IRS, as long as your storage is business related you can write off part or all of the costs associated on your taxes when April 15th rolls around.*
Working From Home. This year many individuals are finding themselves working from home more than ever before. If you need a workspace away from the couch, bedroom, or kitchen table, one of our Lifestyle Structures can be the perfect fit. These custom designed spaces are made to fit your lifestyle – and that includes a home office complete with shelving, heating and air, windows, custom flooring, and even a porched entry space for customers to come and go. These structures, if considered a home office, can sometimes considered a business use of your home and according to the IRS are also eligible as a business expense.*
Before you call this year a wrap, stop in to Hometown Sheds and find the perfect storage or office solution for your business and enjoy the savings at tax time, too. The professionals at Hometown are happy to walk you through all of your options and customize a solution to fit your needs! But, hurry, just like the holidays, December 31st will come and go before you can yell, “Happy New Year!”
*Consult with your tax advisor for specifics for your business.
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