Do you write off all your gear on your taxes?

9 years 3 months ago #422695 by Tim Dordeck
Well, it's coming onto that time of the year again.  Taxes!  :banana:   lol  more like this :slapface: .  It's good to know that my taxes are paying for so many who abuse the system.  

(rant over for now) OK, moving forward. 

Are you guys writing off literally all your new gear that was picked up in 2014?  Do you even fuss with gear deprecation?  


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9 years 3 months ago #422768 by effron
This is something you need to discuss with a tax professional. You'll probably get good advice here, but bad as well and you won't likely know which is which.....:dry:

Why so serious?
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9 years 3 months ago #422793 by hghlndr6
It's not necessary to capitalize and depreciate your equipment.  Research the Section 179 deduction.  

This will get you started:   www.law.cornell.edu/uscode/text/26/179
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9 years 3 months ago #422794 by Joves
:agree:
With the two above.
I do not know how different photography business is from construction. With construction work buying and writing off, or amortizing equipment is pretty straight forward. Sometimes taking off the whole value benefits you, and sometimes it does not. I always decided by how many other things I had to write off as expenses in a given year. If I had a lot of other things that had to be written off in that year, then I would only partially write off the more expensive items to balance out in the next year. That is because I knew that once I had a certain tool. or piece of equipment that I would not be needing to buy more over the next year, or two. There are strategies to how you choose to do write offs.


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9 years 3 months ago #422819 by Ian Stone
You get some great advice here, but I would 100% recommend speaking to your CPA


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9 years 3 months ago #422839 by garyrhook
If you have income, either from your business, or from a day job and you are filing a schedule C for a legitimate business, you can use Section 179 to fully depreciate your purchase in the year it was made. TurboTax will walk you through this; don't know about H&R Block as this will be my first year using that software. But it claims to handle schedule C.


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9 years 3 months ago #422846 by ThatNikonGuy
All good posts here.  At the end of the day, it's all about what your tax man says is OK to write off for your situation.  


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9 years 3 months ago #422881 by Doug Taylor

hghlndr6 wrote: It's not necessary to capitalize and depreciate your equipment.  Research the Section 179 deduction.  

This will get you started:  ://www.law.cornell.edu/uscode/text/26/179



:agree: good post   


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9 years 3 months ago #422911 by Glen Mosley
Please don't remind me that it's that time of the year again :rofl:


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