[Leica] TAX question: Should I buy an M10?

[Marshall Hunt]

Internal Revenue Code Section 179 allows the immediate expensing of
business equipment on Schedule C instead of using depreciation expense over
a period of time.  there is a limit of the amount of the expense, which is
your income from business, or $X, whichever is less. X varies from year to
year, and I am not sure what it will be for 2017.
https://www.irs.gov/publications/p946

On Wed, Dec 27, 2017 at 5:37 PM, Keith Wessel <keith at wesselphoto.com> wrote:

> This article suggests the new restrictions only apply to Schedule A
>
> https://www.inc.com/erik-sherman/stop-panicking-tax-
> bills-dont-eliminate-your-business-expenses.html
>
> Sent from Mail for Windows 10
>
> From: kyle cassidy on the lug
> Sent: Wednesday, December 27, 2017 11:09 AM
> To: lug at leica-users.org
> Subject: [Leica] TAX question: Should I buy an M10?
>
> Hi folks —
>
> I’m probably not alone in not understanding the implications of the new
> tax bill.
>
> I wasn’t planning on buying an M10 this year, but possibly sometime in the
> coming year, maybe who knows, I’m doing ok with my M240’s. I had a book do
> well and as a result I’ve a fat chunk of change sitting in the bank but I’m
> concerned by all the armchair tax advisors on Facebook saying that small
> business deductions are going away after this year.
>
> I file a 1040 as well as a schedule C.
>
> The Washington Post’s article “5 things to do before Jan 1 to lower your
> tax bill” advised professionals to buy all their high end purchases now.
> But I’m not sure if they’re talking about Schedule A or Schedule C.
>
> Does anybody with actual understanding of this know if I’ll still be able
> to deduct equipment expenses that I make next year, or should I blow
> through all this money on gear I’ll need for the future this year?
>
> That said, replace the Dlux-4 with a type 109? yes? or don’t bother?
>
> thanks for your time & expertise —
>
> Kyle
>
>
>
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