If I buy a new computer (5 year life is what the IRS assigns as I recall), are you saying it can be treated like any other business expense, in particular like purchases for things whose life is one year or less? Or do I, indeed, need to elect this special treatment in order to "expense" it?
You can elect to use Section 179 Deduction which allows the total cost or value to be used that year (against your business income, therefore having the same effect as an expense) rather than spreading depreciation over 5 years.
It is still entered as an asset, and if eligible (must be purchased new that tax year) the program asks if you wish to use that option.
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