| How do I write off these business expenses?

How do I write off these business expenses?

Will M asked:


I am a recent graduate and freelance journalist. More and more I realize I need a higher quality camera to take print quality pictures and a lap top computer to make me more accessible to the publications I work for.

Can I write off these business expences? I recently had to file for a FEIN number which in essence makes me my own business.

What steps do I have to take to file these claims? I have not made these purchases based on the fact that I can not afford them without making them a tax write off, but I am hindered in the amount of work I can do based on not having the proper equipment.

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Comments

2 Responses to “How do I write off these business expenses?”

  1. Ira01 on May 1st, 2009 11:57 am

    Yes, you can. However, you have to have enough business income to show a profit; otherwise, you have to depreciate the equipment over time; i.e., deduct a portion each year for several years (with a profit, you can take the expense all at once under section 179). Also, I believe that for the computer at least you have to document the portion of use that is for business purposes, rather than personal use, and only the business portion can be deducted (if the computer is used solely for the business this is not a problem).

  2. jspatil91 on May 2nd, 2009 2:11 am

    in Indian accounting standard the above said expenses are deducted from income generated , from business i hope the same is applicable in your country