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Connect with and learn from others in the QuickBooks Community.
Join nowHi,
I run a contsrtuction business that does primarily concrete work.... I was wondering how other contractors handle small tool/equipment purchases.
When it comes to small tool purchases, how should these be treated?
Example: Purchased a Milwaukee Circular Saw for $320. Can i just expense this purchase? Or do I have to create an asset account and a depreciation schedule to capture the expense?
I anticipate that this particualr tool will last more than a year... However, i do not want to be running depreciation schedules on 50+ different small tool accounts.
The other option would be to take a 179 on all of these accounts..
Thanks,
Sam
Just expense hand tools, the tax laws are not that drastically changed, you still have at least the de minimus amount of 2500 where you can expense things costing less than that.
though the concept of talking to a tax accountant is important and should be used
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