Everyone wants to maximize deductions and find legitimate ways to reduce their tax burdens. Money is important, after all. But since taxes are so complicated, many of us don’t know if a certain tax deduction applies to us.
When it comes to moving and storage expenses, most people can’t write them off on their taxes. But there are a few exceptions. Let’s go over a few scenarios to help answer the question, “can you write off storage containers on your taxes?”
Scenario #1: Business Use Deductions
The first situation when you might be able to write off the cost of storage containers is for your business use, even if you operate a business from your home. As long as the container is used to store inventory, supplies or equipment, you may be able to claim a deduction. SAM (Store & Move) is proud to offer commercial storage containers that provide a secure and accessible solution for keeping items safe for business owners.
Scenario #2: Moving Expenses
Another scenario when you might be able to write off storage containers on your taxes is if you have a job-related relocation. The main consideration here is whether your employer compensates you for the move or not. If they don’t, you can likely claim a deduction. If you relocate for work, make sure you track all of your moving expenses, including storage costs (for a reasonable amount of time, at least). SAM’s containers give you superior convenience and flexibility for storing and transporting belongings during a move—which is even better if you can deduct their costs.
Scenario #3: Rental Property or Real Estate Investments
Landlords and property owners can often deduct expenses related to maintaining their rental properties. This includes storing property maintenance equipment. So SAM (Store & Move) containers can be used to store tools supplies or seasonal items required for property maintenance, and then be deducted when it comes time for taxes.
Before You Get Started
As with anything related to taxes, finances or your business, make sure you consult with a tax professional or accountant to understand the specifics of the deductions, as well as eligibility criteria and required documentation. All of our situations vary, however, so professional advice will keep you in compliance with tax laws and maximize your deductions.
Ready to rent a storage container? Have additional questions? Contact us today at 972-GET-A-SAM and we’ll be happy to help you out.