Notary Tax Tip | Space/Equipment Rentals & Purchases

Office space rentals, equipment rentals and purchased business equipment: When it comes to tax deductions for office space and equipment here are some general guidelines to consider. 1 – Office Rental Space – Rent Expenses can usually be deducted as a business expense. The amount will depend on your lease agreement and local tax regulations, but usually the full rent paid is deductible as a business expense. 2 – Equipment Rental Fees – Rental fees for business equipment such as computers, scanners, or machinery are also deductible as a business expense. So similarly, to office space rent, the full rental fees can usually be deducted. 3 – Purchased Equipment – when you buy equipment or machinery for your business, you to need to spread the deduction out over its useful life, known as depreciation verses deducting the full cost in one year. Depreciation reflects the equipment’s gradual loss of value over time. * NOTE – Tax Rules in regard to depreciation vary, so it is very important to work with a tax professional to ensure compliance for your specific jurisdiction. 4 - As with all Business Expenses – Keep Accurate Records of documentation such as all Lease/Rental Agreements, & Receipts to support your deductions! Tax Tip June 2023 edition from Glen Hill, 20+ year CA Tax Professional and NotaryAssist Software READ ALL OF THIS YEAR'S TAX TIPS BY CLICKING HERE: https://www.notarystars.com/blog/notary-tax-tip-space-equipment-rentals-purchases https://www.notarystars.com/blog/can-signing-agents-write-off-meals-on-taxes-yes-and-it-pays-to-eat-in-2023-as-long-as-you-do-things-properly https://www.notarystars.com/blog/mileage-for-notary-business-owners https://www.notarystars.com/blog/bad-signing-agencies-unpaid-signings-tax-tips https://www.notarystars.com/blog/tax-tips-from-sue-hope-glen-hill https://www.notarystars.com/blog/tax-tips-from-sue-hope-glen-hill-january-2023 https://www.notarystars.com/blog/your-notary-loan-signing-agent-business-tax-time