turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Online Business and what can be written off?

was wondering since I've purchased new equipment(chairs, a laptop and a table) for my online business, how do I write it off and how do I factor in depreciation?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Jackstar221
Employee Tax Expert

Online Business and what can be written off?

Chairs, laptop, and tables can all be written off as business expenses if they were purchased during the tax year in question.

 

The rule of thumb is that if the items are less than $2,500, they should be expensed in full during the tax year. If the items are $2,500 or more a piece, they can be depreciated.

 

In order to depreciate, you can add them as assets in schedule C of your 1040 tax return, in the self-employment income & expenses section of TurboTax.

 

If it is a 1065 or 1120-S, you can enter the assets to be depreciated in the deductions section of TurboTax.

 

Here is a link to publication 946, regarding how to depreciate property:

 

https://www.irs.gov/publications/p946 

Online Business and what can be written off?

Thank you much for the response.

Jackstar221
Employee Tax Expert

Online Business and what can be written off?

You are welcome, thank you for contacting TurboTax, have a great day!

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies