Keep details related to the purchase and sale, including what you initially paid for the equipment and depreciation while it was owned (how the equipment was expensed for tax purposes), since those details could be difficult to reconstruct in the event of an audit. Self-employed or freelance ...
If you've purchased property to use in your business, you can deduct a portion of your costs by claiming a depreciation deduction and reporting it on IRS Form 4562.
The group, which is owned by private equity firm TDR Capital, was pushed to a £746m pre-tax loss as a result of depreciation on its estate and financing costs resulting from its £3bn acquisition of pub company Ei Group in 2019. The combined company now operates 4,708 pubs, making...
IRS Section 280A:This section of the Internal Revenue Code deals with deductions for using your home for business. Whether you're an employee or self-employed, you can deduct certain expenses related to the business use of your home. However, several tests must be met, like the "exclusive ...