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Deduction of office equipment under new regulations
Q: I've bought equipment for my home–based business, including a computer, scanner and printer. Can I deduct these items as business deductions?
A: If you've used these items exclusively for your business, you may be able to elect first–year expensing. This would entitle you to deduct the entire cost (up to a set dollar limit) in the year you bought and placed them in service for your business. If you do not qualify for expensing (for example, because your business wasn't profitable), you can still depreciate equipment costs over a set number of years. For more information about equipment write–offs, see IRS Publication 942, How to Depreciate Property, at www.irs.gov.
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