Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Simplify payday and set payroll to run automatically on QuickBooks.Explore Intuit QuickBooks Workforce
group822
Level 1

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

 
2 Comments 2
Jessica_young
Moderator

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

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 15

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

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.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.

Need to get in touch?

Contact us