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Business & farm
@SalazArt wrote:Amount of depreciation in the Business Asset Summary is $0, but the Section 179 deductions (which show amount I entered) seems not to affect/lower my net profit.
This might be semantics; the Section 179 deduction affects your gross profit, not your net profit (i.e., the deduction lowers your gross profit - your net profit is your net).
If the deduction is actually not having any impact on your gross profit, then ensure you have a sufficient profit. Also, if there is still an issue, what happens if you claim the special depreciation allowance?
‎January 28, 2020
8:58 AM