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January 3, 2022
Question

Can i buy a piece of equipment today towards 2021 taxes?

  • January 3, 2022
  • 2 replies
  • 0 views
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2 replies

Jessica_young
Level 4
January 3, 2022

Hello there, @group822.

 

Typically equipment purchases that qualify for your tax year will need to be purchased by the end of the year to be included.  I would strongly suggest reaching out to your accountant or tax professional for personalized advice on this. 

 

I'm including a resource that may be helpful for you: Deducting Business Expenses. Check out Section 1 for information on deducting business expenses!

 

Let me know if you have any other questions about the QuickBooks product, I'm here to help!

Rainflurry
Level 11
January 4, 2022

Even if you could buy it, the IRS requires the equipment to be "placed in service" by the end of the year:

 

Regs. Sec. 1.167(a)-(11)(e)(1)(i) provides that property is considered to be placed in service when it is “first placed in a condition or state of readiness and availability for a specifically assigned function.