Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
alllicata57
New Member

Where is the 179 Deduction that I have used for the past years. I purchased a computer in March and want to add this. I am a graphic designer and use if for work.

 
1 Best answer

Accepted Solutions
tagteam
Level 15

Where is the 179 Deduction that I have used for the past years. I purchased a computer in March and want to add this. I am a graphic designer and use if for work.

You have to add the computer as an asset that is to be depreciated in the Business Assets section (located under Business Income and Expenses).

 

Provided you have sufficient business income, you will be given the option to elect the Section 179 deduction toward the end of the process of adding the computer as an asset. You may also be given the option to elect the special depreciation allowance. 

 

Further, if the computer cost $2500 or less, you may be able to expense it by making the de minimis safe harbor election.

 

 

View solution in original post

1 Reply
tagteam
Level 15

Where is the 179 Deduction that I have used for the past years. I purchased a computer in March and want to add this. I am a graphic designer and use if for work.

You have to add the computer as an asset that is to be depreciated in the Business Assets section (located under Business Income and Expenses).

 

Provided you have sufficient business income, you will be given the option to elect the Section 179 deduction toward the end of the process of adding the computer as an asset. You may also be given the option to elect the special depreciation allowance. 

 

Further, if the computer cost $2500 or less, you may be able to expense it by making the de minimis safe harbor election.

 

 

Dynamic AdsDynamic Ads
Privacy Settings
v