Tax Break For Your Aquarium?

[tnhowery]

My boss approached me about setting up an aquarium in the business, and i thought i had stumbled across a site that said you can get a tax break for one... anyone that knows about this please help i havent been able to find any information online...

Thanks in advance...

TH

 

[tnhowery]

anyone

 

[Mr Miagi]

Well I dont know about anywhere else but im pretty sure you wouldnt get one here, how would you be eligable for a tax break from buying an aquarium for your office? LOL. You or your boss would be better off speaking with your accountant who does your tax work to get better details, rather than rely on someone from an online forum.

 

[tnhowery]

Truthfully im not sure why you would i had just come across a website for a business that sets up aquariums in homes and businesses, and they said that you would be eligible for a tax break, i guess i will have to talk to an accountant or have my boss do it.

 

[nmonks]

Usually a "tax break" -- i.e., being able to claim an expense against a business's taxable income -- depends on the business being able to demonstrate that the item is essential to its work. So if your company has an aquarium where the fish tank was an essential part of the decor, say in a seafood restaurant, that would be something you could claim in the same way as you would claim any other part of the decor, like the chairs or carpets. But if your boss just wants a fishtank in his office instead of the usual pot plant and photos of the kids, that isn't something essential and so claiming it would be less clear cut.

Cheers,

Neale

 

[Opcn]

In the US you just have to be able to prove that it is in fact a business expense, as far as category wise it would be considered art, or decoration, which is a legit business expense so far as I know, contacting a tax accountant and asking them might be worth your while, just do it before new years, Who would be paying for this aquarium anyways?

 

[Majjie]

I design kitchens and have, in the past, been asked for an invoice which just said "furniture" instead of kitchen units - so that it could be claimed as a business expense. I guess the name of a fish tank supplier might be a bit of a give away though ..... furniture supplied by "Friends in Soggy Homes" (specially for any Leicester members!). I don't think so.

 

[annka5]

Don't see why not.... In the UK you would get tax relief at x% per year for z years if it cost over a certain amount, rather than on the full purchase price straight off, so long as it was a proper business purchase -would just be treated like furniture, fittings, pictures, redecoration, etc. I think it is exactly the same principle in the US.

 

[vic]

For an expenditure to be deductable for tax purposes I suspect it must meet all of the following tests:
1. Incurred for the purpose of earing taxable income,
2. Reasonable and
3. Not on the account of capital. Capital assets (building, equipment etc) are not deductable but are subject to amortization in accordance with the tax legislation regulations relative to the depreciation/amortization of capital assets.