Yes, if you entered the laptop as a Business Asset and elected to expense the entire cost this year, it would reduce your Schedule C income by $400.
This does not mean your Tax Owed would also go down by $400. Your business loss will be netted against the other income on your tax return.
Here's how to enter your Laptop as a Business Asset:
https://ttlc.intuit.com/replies/5257260
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