How to correctly deduct purchase of a laptop dedicated to my consulting work?
If you use the computer in your business more than 50% of the time, you can deduct the entire cost under a provision of the tax law called Section 179. For example, if you use your computer 60% of the time for business and 40% of the time for personal use , you can deduct only 60% of the cost.
What CCA class is a laptop?
Class 50
Class 50 (50% CCA per annum) – laptops, ipads, printers, servers, computer system software, iphones, and GPS for vehicles.
How do I categorize a laptop in Quickbooks?
Equipment purchase
- Log in to this link qbo.intuit.com.
- From the Accounting menu, select Chart of Accounts.
- At the upper-right, click New.
- Under the Account Type, select the type of asset account you’d like to create.
- Select the Detail Type and enter a name to the new asset account.
- Click Save and Close.