Question: Can I deduct the computer I bought last year, if I didn’t start my business until this year?
Answer: You will be able to deduct the cost of the computer, but you will need to figure out the market value of the computer when you put it into service. Watch the video below for a detailed explanation, or visit the IRS website for additional information regarding this topic.
Be Your Own CFO – The small business owners’ simple guide to bookkeeping and taxes.
If you’re looking for a little kickstart to get your finances in order, I’d love for you to join me and my small business friends over at Be Your Own CFO.
The Be Your Own CFO program includes access to a Certified Public Accountant and a membership site which includes short videos and beautiful, downloadable guides that will walk you through the main topics in each lesson. Each lesson will be released on a weekly basis to ensure that you don’t get overloaded with information, and you have time to review and ask questions before proceeding. We have a private Facebook group for check-ins, questions, and accountability!