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For tax year 2015, A computer used in your business can be included on your business return as a ‘materials and supplies’ expense, rather than being depreciated as an asset, so long as the computer cost under $500 (otherwise You must list it as a depreciable business asset).
To enter expenses for supplies used along with your Independent Contract work or sole proprietorship business in TurboTax Home & Business, click on the following:
Business Tab<Business Income & Expenses<”choose what I work on” or “Jump to a Full List”< Business Expenses< Other Common Business Expenses. Start.
1.The first screenshot below demonstrates the summary screen page for your business where you will click on Start (or Update) across from ‘Other Common Business Expenses’ under the category titled “Business Expenses”, as outlined in the steps above.
2. My second screenshot below shows the page you will arrive at next. This page is titled“Let’s write off some Business Expenses”, featuring several different categories of types of business expenses.You will want to choose ‘Supplies’ from this page, and proceed to enter your computer cost here, as supplies expenses.
SAME HERE 2016 TURBOTAX HOME & BUSINESS informed me to write off purchase of my computer -$1547 as an expense but can't find where to deduct it???
There are 17 unique categories for entering business expenses in the TurboTax Home and Business program for a Schedule C. If you have a particular expense that does not fit in the other 16 categories listed use Other Miscellaneous Expenses at the bottom of the list.
On the next screen, click on Edit for your business listed.
On the next screen scroll down to Business Expenses
On Other Common Business Expenses, click on the start or update button
I would like to expense my computer that I use (more than 50%) for my rental business. All my expenses go in schedule E, does this one also? What category? Is it a supply? I am not a real estate professional, just someone with a rental property.
Thanks!
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