As a business grows, often, the owners find themselves in a slight pickle; with no room to store files, inventory, and overstock. Like a house, a business can fill up with stuff, making storage at work practically impossible. If your business grows quickly, the mess in your office, store, or other location can grow just as fast! That’s why so many business owners rent a business storage unit for their work. If you own a business and you’re out of ideas on how to store all your stuff, read on! We’ve got great tips and advice ahead!
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What Kind of Business Uses Storage Units?
A variety of businesses use storage units to store a wide assortment of things. You can even run a business out of a self-storage unit. There’s no law saying which companies can or can’t use a storage unit! Below are a few excellent examples of companies and what they store in a storage unit:
- Dentist, Chiropractor, Doctor and other medical professionals – Old Patient Files, X-Rays and Folders
- Small-ish retail store – Overstock, seasonal items, promotional items, etc.
- Start-up businesses of many kinds – With no physical location, many startups use a storage unit for everything.
- Lawn maintenance businesses – Many store their equipment and trailers in a storage unit.
- Carpenters, Electricians, Plumbers – Many of these blue-collar experts store their equipment and supplies in a storage unit.
- Any business that creates large amounts of files, paperwork, etc.
- A business that’s expanding will often store everything while the company is renovated.
- Rental businesses. Boat, kayak, bicycle, RV, and other rental companies use storage units to store their rentals.
- Mom and pop Grocery Stores use storage units to store their overstock.
Are Storage Units for your Business Tax Deductible?
If you’re in business and asking this question, that’s good news! (It means you have excellent business sense!) Yes, in most cases, you can deduct the cost of a storage unit from your taxes. That would be your business taxes, of course, not your personal taxes. Under the Internal Revenue Service (IRS) guidelines, any expense that’s “ordinary and necessary” for your business to stay open is tax-deductible. If you need extra space to store things related to your business, that’s considered an ordinary and necessary expense.
More specifically, as long as you store either equipment or supplies, you can write off storage costs on your business taxes. (They would be a standard expense deduction, which your accountant should understand thoroughly.) Even a small corporation can deduct their storage unit expenses. In most cases, tax deductions for storage units are considered rental expenses.
Can You Store Important Documents in a Storage Unit?
Yes, most certainly! In fact, that’s what the vast majority of businesses store in their storage units! One caveat; a climate-controlled or temperature-controlled storage unit might be a better choice. The best reason to store essential documents in a storage unit, though, is safety. iStorage storage units are clean, safe, and have 24/7 video security. We also have on-site managers who are there all day, keeping an eye on everything. If you’re worried about corporate espionage, a storage unit is a good choice as they’re very secure.
Business storage units are an easy, safe and affordable way to store business assets. From equipment to supplies, overstock, old files, and much more, a storage unit is a perfect solution. First off, you’ll have more space to move around at work. You’ll also have peace-of-mind, knowing all your business stuff is safe and secure. At iStorage, that’s what we do! If you have questions or need help, chat online with a friendly manager today! Until then, best of luck with your business!
This post was originally published on 5/1/2018. It was updated on 4/9/2021.