See our top tips on how to find the right multifunction printer, plus our picks for the best all-in-one printers for home and office use. All can also copy and scan, and many—especially business MFPs—add faxing to the mix. Printer manufacturers offer a huge variety of MFPs, both inkjets and lasers.
The Schedule C tax form used to report small business income includes a field for office expense and a separate field for supplies.
But some of your office expense purchases are supplies, as well. Toner ink and paper clips are used in your office, but they are auxiliary items that aren't part of your cost of goods sold.
It doesn't make much of a difference to the IRS whether you record your office supplies as supplies or as office expenses, as long as you record them and do so accurately. However, you may want to separate these different types of expenditures for your own understanding of how your business spends its money.
Office Supplies The office expense deduction category includes anything you spend to keep your office running. If your office has a separate location from your production facility, your office rent and utilities are office expenses. Items that are more permanent than supplies, such as telephones, software and desk chairs count as office expenses, as well.
Postage is an office expense, as are cleaning fees, if you have your office professionally cleaned. Home Office Deduction If you use part of your home as an office for a small business, you are entitled to also include this as an office expense, as long as you meet certain requirements.
The part of your home that you use as an office must be clearly delineated, and it must not be used for anything other than your business office. In addition, this office space must be your principal place of business, or the principal place where you conduct your office work.
To take a home office deduction as part of your office expenses, keep track of all expenses you incur as part of using this part of your home for businesses, such as if having a separate land line for your business. Calculate your overall rent or mortgage expense per square foot and deduct the percentage of these rent or mortgage expenses that corresponds with the square footage used specifically for your home office.
Alternatively, use the simplified option, which allows you to deduct a standard rate for each square foot of home office space.
Office Equipment Deductions Major pieces of office equipment such as fixtures and computers should be entered onto your tax form as you would enter other large purchases, using depreciation conventions. Divide the total cost of the investment by the number of years you expect to use it, such as three or five years.
Then, deduct the corresponding percentage of the cost during each of the years when the item is in use. For example, if you intend for your new computer to last for five years, deduct one fifth of its cost on your tax form for each of these five years.
Office Equipment - What's the Difference? About the Author Devra Gartenstein founded her first food business in In she transformed her most recent venture, a farmers market concession and catering company, into a worker-owned cooperative.
She does one-on-one mentoring and consulting focused on entrepreneurship and practical business skills.If you plan to purchase only one printer or are a serious hobbyist, a letter-size inkjet is your best bet, since it can also handle routine printing tasks.
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