The furniture depreciation formula is the method of calculating income tax deduction for furniture used in businesses or other income-producing activities. The two means of calculating depreciation are the general depreciation system, or GDS, and the alternative depreciation system, or ADS.Know More
For a piece of furniture to qualify for a depreciation deduction, the taxpayer must own it and use it in a business-related activity. If the furniture is for both business and personal use, only depreciation for the business use can be deducted. A piece of furniture is placed in service not when it is bought, but when it is first put to use. Under GDS guidelines as of 2014, office furniture and fixtures fall into the category of 7-year property, so tax deductions are based on an estimation of a 7-year furniture lifespan. Adjustments must be made for short tax years, special depreciation allowances and occurrences such as vandalism or other breakage that causes the furniture to be withdrawn from service before the end of its estimated lifespan. Tables are available on the IRS website to help taxpayers calculate furniture depreciation.
Under most circumstances, GDS is used to calculate the depreciation of furniture. ADS is used only if the business use of the furniture is less than 50 percent, the furniture is mostly used outside the United States, the furniture is used for tax-exempt purposes, the furniture is used under certain circumstances in farming businesses or the furniture is imported from countries with which trade restrictions apply.Learn more about Furniture
Instead of buying new furniture, paint used furniture and give it a new appearance. Whether you choose to paint furniture you have used for years or your newest yard-sale find, preparation is the key to a great finish. Supplies needed include protective gloves, sandpaper or a sander, wood filler, brushes, primer and paint.Full Answer >
To ship furniture, disassemble the piece, and wrap it in bubble wrap or mover's stretch wrap. Secure the wrapped pieces in a cardboard box, or wrap them in corrugated cardboard. You need bubble wrap, masking paper, tape, packing peanuts, a cardboard box, mover's stretch wrap and a roll of corrugated cardboard.Full Answer >
Many things can be done to protect furniture and lengthen its usable life, according to HGTV. Vacuum upholstered furniture weekly to keep dust and dirt from damaging the fabric, and flip and rotate removable cushions regularly to even out patterns of wear. Use arm caps made from identical fabric to protect chair and sofa arms. Spray-on fabric protectors protect upholstery from stains and spills. Closely follow label directions.Full Answer >
Caye Home Furnishings has produced Stratolounger furniture since 2002. During that year, the company purchased the rights from Strafford, the furniture company that had been making the furniture since the 1930s.Full Answer >