2007-04-25 03:19:08 · 4 answers · asked by pearlho31 1 in Business & Finance ➔ Taxes ➔ United States
If you paid it personally out of your own pocket, what you should do is submit the receipt to the S-corp for reimbursement and then it will be an asset and expense of the S-corp. The S-corp can write it off fully in the year of purchase through section 179 depreciation.
2007-04-25 04:45:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Assuming that it is used 100% for business use, you can either depreciate it or possibly take a Section 179 deduction in the year of purchase for the entire cost. See IRS Pub 546 for full details on either approach.
2007-04-25 10:40:24 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
There's a depreciation model you'll likely need to use. If you started an S-Corp, I recommend you employ the assistance of a CPA to file your taxes. Good luck.
2007-04-25 10:27:03 · answer #3 · answered by J - A 3 · 0⤊ 1⤋
I talked to someone about s corp. just 2 days ago. you can have up to 312 write offs total for that and many others. You were enhancing your business tools to insure proper research and communication thru internet
2007-04-25 10:29:40 · answer #4 · answered by Kathleen D 1 · 0⤊ 3⤋