Originally Posted by tenderhearts:
I am really considering doing my own taxes this year. I know all the things I can deduct but my concern is forwarding all the depreciation stuff and doing depreciation. Tom do you have an article on depreciation and is it fairly simple to figure out? We have had a couple of things we did this year such as fence, kitchen remodel that I would also be adding to it. oh and I know laws changed about the section 179, I purchased a kids play structure for $460.00 thank you.
Depreciation is the most complicated part of your taxes. I've written a lot about this on my blog. My 2017 Family Child Care Tax Workbook and Organizer goes into great detail on how to depreciate items and where they go on Form 4562. It will be available in January. The Section 179 rule hasn't changed. You can deduct in one year any item that costs less than $2,500. You must depreciate a kitchen remodeling over 39 years. You can email me with more specific questions at
[email protected].