**as a i.t. contractor is it true i can buy a laptop and claim it on my expenses***?

Question

can i buy a laptop and claim it fully on expenses...im under a umbrella company

thanx all

Answer 1

If it is used 100% for business then you can expense it fully in the year of purchase, using Section 179 in the depreciation section of Schedule C.

Answer 2

If it's something that you NEED to do your job, and you can proove it in an audit (for example, if you keep track of your work or finances on that particular laptop), no matter how little you use it, then yes!! If your umbrella company does not pay for it and you need it, you can deduct it, either as a direct expense of doing business (falls into the "supply" category on your taxes on your "Schedule C - Business Profit and Loss") - that's the form to use for your independent contracting business. (Or if you were an employee of said umbrella company, you would claim it on the "Non-Reimbursed Employee Expense" form.)

Answer 3

Sure, in the US. It's an asset used for the business.

Here's a tip for you: if you're going to be in business for yourself, head to the library or bookstore and pick up some books on basic taxes / bookkeeping for small business. Also get a program like MS Money or Quicken, and use it (or pay someone to track your income/expenses for you).

Dont' do like I did the first few years I was in business and scramble around at tax time!

Answer 4

Yes and also ink cartridges, a printer, paper, cell phone and bills, fax machine, mileage and gas keep your receipts etc....

Answer 5

It's okay with me.

I'd check with the IRS, or a tax expert though.

Answer 6

Yes you can, and it depreciates every year, similar to a vehicle.

Answer 7

If you're using it strictly for your job.