How do you handle an asset purchased in a previous year? Do you have to file amended returns for any year impact. It's a small business, roughly $95K Annual Sales

the year you're required to start depreciation is the year it is placed into service.

so if it was placed into service in a previous year, you'll need to amend.

 

if it was under $2,500 you can expense rather than depreciate it under the deminimus rules.