To enter Assets for your Schedule C, in TurboTax Online, return to the Self-Employed Income and Expenses section. Then:
- Select Edit next to your Schedule C business activity.
- Click Add Expenses for this work
- Select Assets
- Click Continue
- Click Start next to Assets
- Follow the prompts in the Assets interview. TurboTax will select the appropriate depreciation method or expense the item if appropriate, and prepare Form 4562.
Please see this tax tips article on depreciation and Form 4562.
See IRS Publication 946 for more information about depreciation.
Please see this tax tips article on managing assets.
Enter your cell phone as an Asset, and enter the monthly fees as an Expense.
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