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  1. #1
    Join Date
    May 2001
    Location
    Colorado, USA
    Posts
    812

    Tax Depreciation

    Does anyone of you have a chart that shows the tax depreciation stuff for all the computer related items (hardware, software) and maybe even the regular office stuff. I am already preparing myself for tax time.

    I am US based.

    Does anyone know if Quickbooks Pro does these deductions automatically?

    Thanks!

  2. #2
    Join Date
    Jul 2002
    Posts
    541
    I can't answer your QB question, but maybe it might be best to run it past your accountant.

    -WC-

  3. #3
    Join Date
    Jul 2002
    Location
    The Big Easy -New Orleans
    Posts
    341
    Computers and peripheral equipment 5 years

    http://www.irs.gov/formspubs/page/0,,id%3D12866,00.html

    Software may also be deducted if certain tests apply. I think it was 3 years IF it is deductible.
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  4. #4
    Join Date
    May 2001
    Location
    Colorado, USA
    Posts
    812
    Thanks!

  5. #5
    Join Date
    Jun 2001
    Location
    Denver, CO
    Posts
    3,301
    Don't forget to take your Section 179 election to depreciate up to $24,000 in equipment / software ("assests") the first year it's in use. There are some limitations on this election, but most small business will qualify.
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