US Taxes / Depreciation period
Thread poster: Maurice Devroye

Maurice Devroye
United States
Local time: 16:50
English to French
Apr 8, 2005

Hi, This is a timely topic as, once again, we get closer to the April 15th deadline. I am planning to enter on the depreciation line of schedule C some equipment bought in 2004 (computer, printer and monitor) AND also some software (mainly Trados and Antodote). Is 5 years the standard depreciation period? I am doing my own tax return and not using TurboTax. Any problems/surprises I should be expecting here? Thanks for any feedback or advice. MD

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TNT TRANSLATION  Identity Verified
United States
Local time: 15:50
English to Korean
Depreciation and Section 179 Expense Apr 8, 2005

1. Check this IRS site (http://www.irs.gov/formspubs/article/0,,id=109879,00.html#depreciation_2004).
It explains depreciation and special rules (Section 179 Expense) for property you perchased in 2004. Also IRS issued Publication 946 is a good start.

2. Download free tax software which you can fill out 1040 and schedule C. This software allow you print your income tax return free. http://www.taxact.com/


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Henry Hinds  Identity Verified
United States
Local time: 14:50
English to Spanish
+ ...
IRS Publications Apr 8, 2005

IRS Publications give the story on that. Don't take any other word. All the publications you need are on-line.

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ntext  Identity Verified
United States
Local time: 15:50
German to English
+ ...
Section 179 deduction Apr 8, 2005

You should be able to write off your hardware and software expenses altogether this year, rather than spread them out over several years. Look for information on "Section 179 deductions."

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Maurice Devroye
United States
Local time: 16:50
English to French
TOPIC STARTER
Calling all US taxpayers... Apr 9, 2005

Thank you, Henry and Norbert. I have most of the publications and I looked into the section 179 deduction(s). I also spoke to several friendly people at the IRS. As of now, the X year depreciation option seems to be the one to choose. But, surely, some other freelancer has been down that path already. Any caveats to report to the community? Just wondering, that's all. MD

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xxx00000000
English to French
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Professional accountant Apr 9, 2005

Next year you should consider using the services of an accountant.

What takes you hours and hours of research is only a matter of a few minutes for an accountant.

Best,
Esther


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TNT TRANSLATION  Identity Verified
United States
Local time: 15:50
English to Korean
I gree with Norbert Apr 18, 2005

Norbert Gunther Kramer wrote:

You should be able to write off your hardware and software expenses altogether this year, rather than spread them out over several years. Look for information on "Section 179 deductions."


I have used two tax programes, read "Section 179 deductions.", and visit IRS websites. And that's what I did for 2004 income tax.


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US Taxes / Depreciation period

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