Archived posting to the Leica Users Group, 2017/12/27
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]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 > > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >