topic Photographic Small (non-asset) Equipment Expenses in Deductions & credits

Photographic Small (non-asset) Equipment Expenses

elroyflom — Sat, 02 Jan 2021 20:23:07 GMT

In a photography small business, would you treat non-asset equipment as a supply or miscellaneous expense? Examples are: cell phone case or protector, study lamp, phone cable, speakers, remote control release for camera, lens hood, lens filter, batteries, printer ink cartridge, etc.

Re: Photographic Small (non-asset) Equipment Expenses

Mike9241 — Sat, 02 Jan 2021 20:28:53 GMT

most I would take an expense deduction as supplies. but the cameras and other related equipment might be a capital asset in the eyes of the IRS (IE more than a nominal cost). you can take 179 or bonus depreciation to expense them. 179 is limited to business income before the deduction bonus is not. this is just a means of playing it safe, if you expense expensive items the IRS might argue they should have been capitalized and depreciated. then you may be out of luck and have to take the deduction over a period of years.

Re: Photographic Small (non-asset) Equipment Expenses

elroyflom — Sat, 02 Jan 2021 21:13:57 GMT

I agree with your take on this. All my items in this category are under $100.00 and most under $30.00. I'm just not sure where in TurboTax these should be placed - under Supplies or as a separate (non-asset) entry under Other Miscellaneous Expenses.

Re: Photographic Small (non-asset) Equipment Expenses

VolvoGirl — Sat, 02 Jan 2021 21:18:09 GMT

Either place. I use both. I put a lot under Supplies and also use line 27a for Other-Small Tools.