If you have made the election to expense, in the current year, all asset purchases of $2,500 or less, then you will need to delete those items from the Asset list. The election requires you to expense ALL assets of $2,500 (you can't pick and choose). You will enter as a Business Expense. To enter, follow these steps:
- Click on the Business tab
- Click Continue
- Click I'll choose what I work on
- Under Business Income and Expense, select Profit or Loss from Business and Start or Update
-
Start or Edit your Business
- Scroll down to Business Expense
- Select Other Common Business Expenses
- Select the appropriate category or use Other Miscellaneous Expenses
- Enter a Description for your equipment and the Amount of the expense
- Click Continue
