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State tax filing
Is this new camera equipment? If so, you can add it as an Asset for Depreciation on your Federal Schedule C. You have the option to expense the entire amount or write it off over its useful life.
If you've had this equipment for several years, you missed the opportunity to deduct the cost on prior year returns. And if the equipment is over five years old, it's fully depreciated in the eyes of the IRS. No further deductions in this case.
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‎April 12, 2022
6:59 AM