- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How exactly do we handle writing off startup expenses for dog grooming equipment and supplies?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How exactly do we handle writing off startup expenses for dog grooming equipment and supplies?
You are now (since 2015) allowed to treat the purchase of assets that cost $2,500 or less (per asset, not in total) as expenses in the year purchased.
This is considered the de minimis exception by the IRS.
However, if any of your purchases were for items that will last several years and cost more than $2,500, they should be reported as fixed assets and depreciated.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How exactly do we handle writing off startup expenses for dog grooming equipment and supplies?
You are now (since 2015) allowed to treat the purchase of assets that cost $2,500 or less (per asset, not in total) as expenses in the year purchased.
This is considered the de minimis exception by the IRS.
However, if any of your purchases were for items that will last several years and cost more than $2,500, they should be reported as fixed assets and depreciated.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How exactly do we handle writing off startup expenses for dog grooming equipment and supplies?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How exactly do we handle writing off startup expenses for dog grooming equipment and supplies?
Still have questions?
Make a post