I have a single owner LLC and using TT Business for the first time. I'm a little confused as to where to enter things like computer, computer desk, router, cables, software etc. Supplies seem to cover consumables. All these items are under $2,500 and put into service at different times. I have receipts and want to take an annual election.
I can't figure out where this gets entered. Thanks.
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Are you in Schedule C in your 1040? TurboTax Business is for returns for partnerships, S-Corporations, and trusts/estates. Since you are a single member LLC you should be preparing Schedule C in your personal return.
To elect to take the De Minimis election (rather than depreciate the assets over time), please follow these steps:
Part 1. Make the De Minimis election
Step 2. Enter your election-related items as other expenses.
Thanks for your quick response. I'm having trouble with steps 1-5. Some of the buttons either aren't there or take me someplace else. I was able to get to step 6 in other ways. I can follow the instructions through the first part of step 9. After I select the radio button for Every item I bought cost less $2,500, and select Continue (the only button available), it takes me back to the Your Consulting Business screen. I don't get a chance to select a de minimus selection.
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