writing off taxes next year

[prupisleon@gmail.com]

Hi,
i am about to register my photography business (as sole prop. for now) and i already purchased 80% of my gear, my question is can i claim all that gear on my tax return next year even though i purchased it before opening my business?

[nealrm]

I would register your business and setup a bank account under the business name. Then pay for the equipment using that bank account. Don't use your personal account to purchase anything for the business.

[prupisleon@gmail.com]

what about gear that i already purchased ... prior to registering the business? ... and on my personal card ...can i still use it if i open as a sole proprietor?

[Business Attorney]

You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Since you couldn't place it in service prior to the date you start the business, you should deduct it in the year you start the business.

[prupisleon@gmail.com]

You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Since you couldn't place it in service prior to the date you start the business, you should deduct it in the year you start the business.

Thank you :)

[Evan]

If you're a sole proprietor, it does not need to go through the business checking account (though it makes sense), but make sure you claim them by recording them on your books with the offset to either a loan from the owner, or owner's equity.