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After 2 years of filing which included depreciation on a camera and computer, I do not want to depreciate anything on my new filing for 2023. Will that cause an problem?
I was working in 2022. I have very little gig work in 2023. I always had someone else do my taxes but financially I cannot afford it now. Any info or suggestions would be welcome.
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posted
April 8, 2024
2:30 PM
last updated
April 08, 2024
2:30 PM
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After 2 years of filing which included depreciation on a camera and computer, I do not want to depreciate anything on my new filing for 2023. Will that cause an problem?
I think you mean you don't want to deduct allowable depreciation on your business assets. Although that is more likely to increase your taxable income and therefore your tax, there are instances where decreasing your business net income can increase your income tax, so it is not advisable to not deduct allowable depreciation.
I suggest you set up your business in the self-employed income section of TurboTax and enter your business assets by their cost and date put into service for the business. Turbo will calculate the allowed depreciation based on that information.
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April 9, 2024
6:48 PM
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