Question

How do business write offs work?

We are a small business who're in our first year. We do not have to pay taxes through a program locally, so we've been collecting for ourselves. We want to purchase an iPad as a register solution but were curious if we could "write it" off on our taxes for 2012 if I purchase it by tomorrow.

1 year ago - 2 answers

Best Answer

Chosen by Asker

Yes, if purchased by tomorrow it would be a deduction for 2012. Actually, you couldn't fully deduct the entire purchase. You could only deduct it next year, as it loses value. It's deemed as equipment, and equipment can only be deducted like 10% a year, or 100% in 1 year. Depends on how you try to do it.

Anyway, if you don't pay taxes, what's the point? A "write off" is a tax deduction. You just said you don't pay taxes, so what would you be deducting?

1 year ago

Other Answers

study setting up a Research and Development operation CONCURRENT with your company and
all your expenses are write-offs

by kemperk - 1 year ago