When you enter qualifying purchases in the Business Asset section of TurboTax, you will be able to elect the Section 179 expense deduction .
Where? Where is this place to enter? I purchased a new iPhone, it is my business phone 75% of the time. It was $700 and my county is assessing "personal business tax" as it being $535. So, I want to be able to deduct as much of this as possible.
It depends. You may enter the cost of the phone as an expense rather than an asset, since it costs less than $2500. The personal asset tax can be listed as an expense under taxes. Here is how you enter your phone, assuming you are already working in Turbo Tax.
Now regarding assets.
Thanks. I found it in the meantime. And, yes, I went through all these prompts and steps. I've done the 179 in the past, but couldn't find where it was buried this time. What I really needed was where it was buried.The steps and math are pretty straightforward. I hope you had all that set as a cut & paste; I'd hate to think you went to all that trouble. "Business Assets" right under "Business Expenses" That's what I needed. Sorry 🙂 LOL