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Level 2
posted Dec 21, 2023 12:35:15 PM

One-time Consulting Gig. How do I write off stuff?

I have a W2 job and did a one-time consulting work on the side (for 2 weeks) in July for a different organization. I had all the equipment I needed already (phone, computer, office software, etc). Compensation was shy of $4000.

 

I don’t know if/how I could write off any of the items I used/already had. Now, it is almost the end of the year and I am in need of a new computer and office software. Could I purchase those items now and claim a deduction? I am not sure if next year I will have another one-time gig for 2024.

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1 Replies
Level 15
Dec 21, 2023 2:56:36 PM

Since you used the equipment for only 2 weeks converting the equipment from personal to business use and back again wouldn’t be worth deducting. You certainly can’t deduct the expense of new equipment you won’t use for business this year and you can’t deduct it next year if you’re an employee. It will be simpler to report the income as miscellaneous income.