I am very new at this. I am trying to expense somes lenses and cameras that I have bought for my LLC. I have read in some post to put the as assets, but it does not count as an expense? I tried loading all of these equipment into Long term photo equipment, but all of these seems it doesnt count as an expense?
Does this mean I cant use that to deduct from declaration of tax purposes?
An asset is something you own, an expense is something you buy to use and dispose of someday.
Photo eq can be either an asset or an expense, its cost really makes the determination. If the cost is less than $2,500 you can expense it. That means selecting an expense account when you enter the purchase.
On the net are several free basic accounting modules, I suggest you use them.
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