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Business Expense Deductions - unsure how to categorize (no place for tools?, what about documents that I bought? or, very expensive software?)
So, I have a variety of types of expenses associated with my small business. But, I am unsure where to list these in TurboTax.
I have recorded monthly profit and expense reports spreadsheets. However, I did not categorize the expenses.
The reason why I ask is I am currently using TurboTax to enter business expenses. I see a category for "Supplies" - but the examples indicate things such as pens and pencils and perhaps printers. There is also "Office Expenses" - would I list my tools, cables, engineering documents and very expensive software that I purchased in this category?
In my notes I have these categories (thus far)
- Office Supply - pens, pencils, paper
- Advertising - flyers I create and mail
- Lab Tools - screwdrivers, pliers, soldering irons
- Lab Equipment - bench-top laboratory equipment - and related cables
- Engineering Documents - some document are hundreds of dollars to buy
- Engineering Software - about $10,000 this year (two sub categories - yearly software maintanece and license purchase of new software)
Any help with guiding me where to place these deductions would be most appreciated.
Thanks
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‎November 25, 2019
10:45 AM