Deductions

[als12065]

I purchased a new salon chair for my business for $538. I'm not sure where I am supposed to deduct it in Turbo Tax Home and Business. Miscellaneous Expenses says items must be under $200. Any suggestions? Thanks

[JotikaT2]

You will need to enter this information as a business asset.

1. Log back into your TurboTax return.
2. Select the Business tab
3. Select Business Income and Expenses 
4. Select  I'll choose what I work on
5. Select Update to the right of  Business Income and Expenses
6. Select Edit to the right of your business
7. Select Edit/Start to the right of Business Assets to add your salon chair.

Follow the prompts in TurboTax to enter the details of your purchase.

Please see the following links for more information to help you as you enter the information for your business.

Self employment income and expense guide

Depreciation of business assets

[als12065]

Thank You!