As a new entrepreneur, one of the first expenses you want to write off is your company office. But do you know what the IRS considers to be an office? Do you know the rules for claiming an office expense?
In Start Your Company Office and Assets, we discuss how to arrange your affairs so you can write off a home office and an outside office, if this fits your work style; and how to write off storage space. We also discuss how the rules change when the tax election for your business entity changes.
When setting up your business you may also want to move personal assets into the company. However, just because you can move your car into your company doesn’t mean you should. And just because your company can’t afford to purchase assets from you, doesn’t mean it shouldn’t. In Start Your Company Office and Assets we review the various ways you can give your company control over your assets, if it makes sense.