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How do i claim my photography equipment as expenses for my photography business? The business was started in March of 2016.

I started my business in March of 2016, at the time i upgraded my equipment and purchased a few additional things such as lenses, filters, batteries, memory cards, etc that i needed throughout the year. Can i claim those as Startup cost even if they occurred a few months after the business was started? Or is there a different way to claim them?

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1 Reply
MinhT
Expert Alumni

How do i claim my photography equipment as expenses for my photography business? The business was started in March of 2016.

You can deduct all items which you bought for your business as Professional equipment.

Starting from January 1, 2016, the IRS allows you to elect the de minimis safe harbor. Under this rule, you can deduct all purchases which cost less than $2,500 per invoice or item in the year of purchase.

In TurboTax, in the Business section, you can deduct these purchases under Other Miscellaneous Expenses and describe them as Professional equipment

Go to Income and Expenses > Business Expenses > Other common Business Expenses > Other Miscellaneous Expenses.

Please read this IRS document about the de minimis safe harbor election for more information:

https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations



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