I purchased furniture for my small home staging business. (I am incorporated) how do I depreciate the furniture on my federal taxes?

The deduction would be either depreciated over many years or you may take a section 179 deduction to deduct all or a portion of your furniture in the year you purchase it. Use IRS form 4562 to record the deduction amount, and attach this to your 1040 tax return. Do not simply record this deduction under schedule C for profit and loss in your business. Depreciation of your office furniture is done using the MACRS Depreciation model outlined in IRS publication 946. The IRS website has full information.

Much of what ma0641 says is valid, but the depreciation must be claimed on the corporate tax return (either Form 1120 for a C Corporation or Form 1120S for a subchapter S corporation).