Returns
This is my first year doing taxes ever for my business or personally. I started my business just a year ago and have spent $1400 in it this year $1000 of that being in a business computer. since I have zero taxable income is there any way that I can do my taxes in which this business computer is a depreciating asset or some way that I could get some money return this year or the $1000 in total that I spent on this computer or is there no way to do that and I have to roll it over to next year?
Quick Answer:
The $1000 business computer is indeed an asset subject to depreciation. For tax purposes, you have a couple of primary ways to deduct its cost.
One method is Section 179 expensing, which allows you to deduct the full cost in the year the asset is placed in service. However, this deduction is limited to your taxable business income. If your business has zero taxable income, you generally cannot use Section 1
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
