topic Where do i enter in business equipment for construction work in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/where-do-i-enter-in-business-equipment-for-construction-work/01/150661#M4583 Sat, 01 Jun 2019 08:01:41 GMT jojocopes 2019-06-01T08:01:41Z Where do i enter in business equipment for construction work https://ttlc.intuit.com/community/business-taxes/discussion/where-do-i-enter-in-business-equipment-for-construction-work/01/150661#M4583 Sat, 01 Jun 2019 08:01:41 GMT https://ttlc.intuit.com/community/business-taxes/discussion/where-do-i-enter-in-business-equipment-for-construction-work/01/150661#M4583 jojocopes 2019-06-01T08:01:41Z It depends - If each piece of equipment is less thanĀ $20... https://ttlc.intuit.com/community/business-taxes/discussion/it-depends-if-each-piece-of-equipment-is-less-than-20/01/150664#M4584 <P> <B>It depends -</B> </P><P> </P><P>If each piece of equipment is less than&nbsp;$200 per item, you can include the tools under Business Expenses &gt; Other Common Business Expenses (start/update) &gt; Other Miscellaneous Expenses (start/update). You can enter this as "business equipment " and enter the amount.</P><P> </P><P>If however a piece of equipment is substantially more than $200, you will need to enter each item (the rest can still be expensed as above)&nbsp;that is over this amount individually as an asset (you will still be able to claim the full expense as an IRC section 179 deduction if you have enough income to offset this deduction. Otherwise you will be able to take a depreciation expenses over the life of the items). </P><P> </P><P>Enter each asset under the Your () Business Summary page under assets. Follow the TurboTax guidance to help you enter this information.</P><P> </P><P>To enter business income and expenses, once you have signed into your TurboTax Account (for TurboTax Online sign-in, click <A href="https://turbotax.intuit.com/" target="_blank">Here</A> , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C". </P><P> <BR /></P> Sat, 01 Jun 2019 08:01:43 GMT https://ttlc.intuit.com/community/business-taxes/discussion/it-depends-if-each-piece-of-equipment-is-less-than-20/01/150664#M4584 DS30 2019-06-01T08:01:43Z
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topic Where do i enter in business equipment for construction work in Business & farm
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Where do i enter in business equipment for construction work
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It depends - If each piece of equipment is less thanĀ $20...
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<P> <B>It depends -</B> </P><P> </P><P>If each piece of equipment is less than&nbsp;$200 per item, you can include the tools under Business Expenses &gt; Other Common Business Expenses (start/update) &gt; Other Miscellaneous Expenses (start/update). You can enter this as "business equipment " and enter the amount.</P><P> </P><P>If however a piece of equipment is substantially more than $200, you will need to enter each item (the rest can still be expensed as above)&nbsp;that is over this amount individually as an asset (you will still be able to claim the full expense as an IRC section 179 deduction if you have enough income to offset this deduction. Otherwise you will be able to take a depreciation expenses over the life of the items). </P><P> </P><P>Enter each asset under the Your () Business Summary page under assets. Follow the TurboTax guidance to help you enter this information.</P><P> </P><P>To enter business income and expenses, once you have signed into your TurboTax Account (for TurboTax Online sign-in, click <A href="https://turbotax.intuit.com/" target="_blank">Here</A> , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C". </P><P> <BR /></P>
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