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kim-keiser13
February 4, 2025
Question

I am not able to add assets on self-employment

  • February 4, 2025
  • 1 reply
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    1 reply

    DawnC
    DawnC
    February 4, 2025

    Search Schedule C and use the Jump to link to be taken to your Self-Employment/Business Summary.   Then click Edit or use the pencil icon next to your business to make changes.  Then, depending on your platform:

     

    TurboTax Desktop - scroll down to Business Assets and select Start to enter your depreciable assets.

    TurboTax Online - Click on Add more expenses, then select Assets, scroll down and click Continue.   That will add the Asset entry screen to your business profile.   

     

    Assets and Depreciation

     

    Untitled picture.png Machine generated alternative text: PERSONAL INFO BUSINESS Business Income and Expenses Select Stan to visit a topic. Business Profile PERSONAL STATE TAXES 2023 REVIEW FILE Information about your business General Business Information Learn More Import Business Information Quicken, QuickBooks, or Other Software Import Business Information Learn More Business Income Forms logg-Mlsc, 1099-NEC, logg-K, gross receipts, & sales Business Income Learn More Inventory I Cost of Goods Sold Cost associated with the items you sell Inventory and Cost of Goods Sold Learn More Business Expenses Every day expenses conducting business Business Vehicle Expense Learn More Other Common Business Expenses Learn More Home Office Expense Learn More Business Assets Business property that is depreciated Assets Being Depreciated Learn More SO 2024 Needs review up date Start up date Start Visit All Start update Start Start Ink Drawings

     

     

    Untitled picture.png Machine generated alternative text: Here's what you've already added You can delete any of these later if they no longer apply. We recommend these 6 categories We personalized this list based on your profile and line of work. Taxes and licenses Amounts paid for work-related items, like: Examples v Meals (50% limit) These expenses are 50% deductible. Enter the full amount and we'll do the math for you. Examples v Larger purchases (usually more than $200), which last more than one year, like: Examples v Advertisin g Examples v Home office Expenses related to using part of your home for work - whether you rent or own. Examples v Ink Drawings

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