First of all, I am aware of tax forums where I can get answers to these kinds of questions. But I also know there are business owners on here, and can probably nail my simple question. Last year I became an independent contractor, and I purchased some items explicitly for my work. One is a little trailer I use for out of town work. I already know I can take depreciation, but my question is more directed towards how I do that. Here is what I've figured out so far.
I fill out form 4562 which describes the property and depreciation amounts. After that, I claim any deductions on schedule A under employee business expenses. I'm filing as an individual, not as a business ( sole proprietor, etc )
If this sounds right, I can figure out how to fill out the forms. Just want to check the general approach.
I fill out form 4562 which describes the property and depreciation amounts. After that, I claim any deductions on schedule A under employee business expenses. I'm filing as an individual, not as a business ( sole proprietor, etc )
If this sounds right, I can figure out how to fill out the forms. Just want to check the general approach.