Own a business? It
might be worth it to stand in the Black Friday lines and grab drastic deals on
electronics and other buys. Your
computers, printers, and other office equipment can be deducted as business expenses in the first year you purchase them.
Most people think of the day after Thanksgiving as the start
of the holiday shopping season. But if you’re a small-business owner, Black
Friday can be a great opportunity to invest in your business and make a
tax-smart move. Then, you may be able
to claim those business expenses on your
2012 tax return. Double win!
Keep in mind that the IRS says business expenses, “must be
both ordinary and necessary.” That means the expense should be both “common and
accepted” and “helpful and appropriate” for your trade or business. In other words, if you work as a retail store
owner, it may be ok to deduct the new office chair that you bought. The $3,000 purse that you bought to carry all
your personal belongings to your store will have to stay off the deductions
Business expenses can be complicated. If you own a business or freelance on the
side, make sure you use Premium
tax filing from eSmart Tax. Our
Premium edition handles depreciation, amortization, profits and losses, and
other business-related tax issues.