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Level 2

Question

Cell phone for LLC

Forum|Forum|4 years ago
February 26, 2022
1 reply
0 views

For business expenses where do i enter the cost for a cell phone paid in full. (the actual phone not the monthly bills)?

Level 15

You can depreciate the phone. Include it as an asset.

Cellphone depreciation

The Small Business Jobs Act of 2010 changes the way you calculate cellphone depreciation, according to the Schneider Downs accounting firm. Under the old rules, if you used your cellphone less than 50 percent of the time for business, you could only depreciate it on a straight-line 10-year depreciation schedule. Now, however, the law allows you to write off depreciation—the loss in value from wear and tear—over a seven-year schedule, in addition to making it easier to claim bonus depreciation.

mwmiller1Author

Level 2

I typically get a new phone every 6 months to a year. Is there any way to treat it as a one time expense?

Level 15

This is precisely what the IRS is trying to avoid. A cell phone is not a disposable item, like pens or paper. It is an asset.