Laptop write off for small business

[jpnord]

I purchased a laptop for my small business but I am paying for it monthly for a year.  How do I add this write-off to my taxes?   Do you write off the monthly payments I made that year or the total cost of the laptop even though I have not paid all of it yet?

[Bsch4477]

Assuming that you are on a cash basis write off the total payments you made for the year. 

[Mike9241]

is it a lease or installment purchase? if a lease you can only write off the amounts paid assuming 100% business use.  if it is an installment purchase, you can write off the full cost (again assuming 100% business use) using bonus depreciation 168K or section 179 depreciation. I prefer bonus because with 179, you must have business income (before the 179 amount)  that exceeds the 179 deduction. also if you dispose of 179 items or business use drops below 50% depreciation must be refigured with 179 being recaptured as income and then you are allowed a deduction using a different depreciation method (but no bonus). with an installment purchase, (really no different than a home mortgage in many respects)  you would also need an amortization schedule because it's likely that part of each payment is principal which reduces the balance owed and has no tax effect and interest which would be a business deduction.

[Linda C-C]

it was a purchase, no installments.

[TeresaM]

If you have purchased assets for your business, such as a computer or tools, which are more than $200 each and will last for more than one year, you may be able to spread out the cost over multiple years and reduce your expenses for this year. Check for the Expenses section in your Schedule C and then Assets.