I have been interested in doing some freelance work and have been in the market for a new computer. I was curious to know, am I able to deduct the cost of the computer/software on my taxes? From my research, I understand that it needs to be used excusively to conduct business, etc. I do have a another full-time job that I make the majority of my income (if that matters).
If you file Schedule C with your Federal Taxes, you will show all your profit as a freelancer, as well as the business-related expenses that you incurred to make that profit.
That, among other things, includes software.
Read these instructions for all of the information:
2 Replies
If you file Schedule C with your Federal Taxes, you will show all your profit as a freelancer, as well as the business-related expenses that you incurred to make that profit.
That, among other things, includes software.
Read these instructions for all of the information:
http://www.google.com/url?sa=t&rct=j&q=irs%20schedule%20c%20instructions&source=web&cd=1&ved=0CC0QFjAA&url=http%3A%2F%2Fwww.irs.gov%2Fpub%2Firs-pdf%2Fi1040sc.pdf&ei=JxO6UKW0Ao3C9gTUgYHIAw&usg=AFQjCNEgt3LPO7bPoEpR3-37pPrk69pZnQ
I just came across this resource, which may be of help:
http://web.sba.gov/livemeeting/public/dsp_meeting_view.cfm?meetngid=203&textonly=Yes
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