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Level 2
February 21, 2021
Question

Deductions

  • February 21, 2021
  • 1 reply
  • 1 view

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

    1 reply

    Employee Tax Expert
    February 21, 2021

    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.

    SE business input

     

    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

     

     

     

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    als12065Author
    Level 2
    February 21, 2021

    Thank You!