Pete Simmons
Member
- Messages
- 546
- Location
- Melbourne, FL
I know not of which I speak so bear with me.
My hobby/business does file taxes.
If I buy material for a project it is listed as expense. If I buy a few small tools <$50 I also just treat them as expense.
If I buy a large tool ( new $2000+ table saw ) some say I need to expense it over 5 years.
What / where is the cut off from a small expense to one that must be split up over 5 years?
My hobby/business does file taxes.
If I buy material for a project it is listed as expense. If I buy a few small tools <$50 I also just treat them as expense.
If I buy a large tool ( new $2000+ table saw ) some say I need to expense it over 5 years.
What / where is the cut off from a small expense to one that must be split up over 5 years?