Etsy U.S. Tax, Bookkeeping, QuickBooks, and Business License Topics
I want to buy a sewing machine but I don't understand depreciation.
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I feel so ooooooooooooooooold! I read it, sort of, (thank you for the link, Captain), but couldn't make heads nor tails of it.
My old computer died, so I had to get a new one, and new software, AND a new printer, because none of the old stuff would talk to the new computer. The total is around $1100.
Must I depreciate it,or can I just write it off this year?
I'm sure there are good reasons to depreciate it, but I need to keep this as simple as possible. Like I said, I'm feeling old and not very bright.
Thank you for all your help!
Posted at 10:21 pm Jun 17, 2012 EDT
reading a little more, it appears that if the 179 deduction is more than your taxable income, you have to carry the rest over to the next year. it can make you go into the negative and show a loss, thats what it looks like, without reading the whole thing. you can also call the IRS to get clarification from them too
Posted at 10:41 pm Jun 17, 2012 EDT