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What is your best advice on when to take advantage of the Section 179 deduction on business property versus depreciation? I am trying to finish up 2007 return (oops) and trying to determine how to handle the purchase of a computer and industrial sewing machine for a new business started in 2007. I also attended some training and had tuition and travel expenses prior to starting business, can I treat those as "start up costs" and take the 5,000 deduction. If so, what is an election statement that must be attached to the return?
Why can't I see your reply???
Thanks, XXXXX XXXXX need some clarification. New in 2008 is that you dont have to send statement to elect to use 5k for start up costs, but this return is for 2007. Do I need to send attached statement and, if so, what does it need to say?
Thanks so much.
Just one last question. Since I am filing this late, will the IRS allow me to deduct the start up costs, or because of the late filing, will force me to amortize. It seems to me that I did see that mentioned somewhere in my "research". Should I even bother trying, or should I be okay.
Again, thanks so much.