What goes under assets

Things you buy that will last more than a year and cost over $2,500.  Those will be deprecated over years.  Otherwise you just expense them under Supplies or Other Misc Expenses.

 

See this article for expensing or depreciating Assets

What can I expense or depreciate with the business...

 

 

Yes, lawn equipment is an asset.   An asset is something containing economic value, or future benefit. An asset can generate cash flows in the future, such as a piece of machinery, a financial security, or a patent.

 

Assets can be expensed (deduction taken in one year), or depreciated (deducted over time).

 

To post assets to TurboTax

1. Select BUSINESS on the top bar
2. Let's find some business deductions = Continue
3. I'll choose what I work on
4. Select Business Income & Expenses
5. Select  or post your business
6. Scroll down to Business Assets
7. The interview will guide you