Anything you buy for your business use can be deducted as an expense on your Schedule C. Some assets (things of value) you buy may be deducted immediately (these are current assets, "supplies"), while other assets have a long-term life and these assets can be deducted over the years of their life.
For example, if you buy a car for your business, you can deduct the cost of the car over a specific number of years. This is depreciation, and it's a benefit to you for tax purposes to be able to take these deductions.
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You enter your assets purchased in 2017 in a special section and not as an actual expense.
1. Open (continue) your return, if you don't already have it open.
2. Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.
3. If asked, answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2017? and follow the onscreen instructions.
4. Click Add expenses (See the attached screenshot below. Click to enlarge to see where to enter your asset.)
5. Select Assets (radio button) on the "Tell us about any expenses for your business" screen (See the attached screenshot below. Click to enlarge.)
6. Click Continue at the bottom of the page
