It’s an easy decision to liquidate or hold a discount sale on products and equipment that are clogging your distribution channel. But if you operate as a C corporation, there are other options that may clear your shelves and reduce your tax bill.
For example, you can donate the inventory and equipment to organizations that serve the “ill, needy or infants.” In many cases, the tax deduction you get will be worth more than the amount you could make by liquidating or discounting. There is also a special tax break for donating computer equipment to certain charities.
These are just a couple ways to deal with surplus inventory and equipment. Contact us to find out all your options and ensure your company gets the maximum tax breaks available.
© Copyright 2014. Thompson Reuters. All rights reserved. Brought to you by: Gordon Advisors, P.C.
- Posted by Accounting, Bookkeeping, Business, Manufacturing and Construction in
- Tagged: Accounting, accounting detroit business, accounting troy business, cpa firm detroit, crains detroit, detroit largest accounting firm, Gordon Advisors, metro detroit accounting, Tax Deductions