Create Cash by Using Antiques in Your Business
Let’s say you narrowed the purchase of your business desk to either an antique or a regular desk. Each desk sells for $5,000. Which desk gives you the best possible business result? The answer is the antique. The reason is that antiques often appreciate in value. When it comes time to sell that desk, instead of getting $500, you may be able to pocket $15,000.
But it gets even better thanks to depreciation. The three-step process to get the biggest bang for your buck is (1) buy low, (2) depreciate to zero, and (3) sell high.
How many business assets have you bought and used in your business that have gone up in value? If you are like most business people, the answer to this question is “none” or “very few.” In fact, you may not have considered antiques at all.
But now that you know their business potential, give antiques a serious look. With antiques, you can get the best of all worlds:
- beautiful assets you use in your business,
- assets you can depreciate and/or Section 179 expense against your business income, and
- assets that can increase in value.
If you were to buy antiques for your business today, you could expense up to $500,000 of qualifying costs using Section 179 expensing. This is a huge deduction that can offset your taxable income.
Want to know more? Have some tax questions of your own? Get in touch with us and we’ll guide you thru the tax and accounting process.