tenderhearts 10:36 AM 12-19-2018
Tom, I was wondering if a home security system is something I can write off on taxes or at least a portion of it?
this is an outdoor security system.
Thank you
Michael 11:48 AM 12-19-2018
Here is a previous thread on the topic:
https://www.daycare.com/forum/showthread.php?t=39615
Originally Posted by TomCopeland:
Yes, a surveillance system would be 100% deductible. You can use the Section 179 rule to claim it in 2011 rather than depreciating it. You could also use the 100% bonus depreciation rule to claim it this year, as well. If you plan to go out of business in the next 5 years, use the 100% bonus depreciation rule. If your state does not recognize the 100% bonus rule, use the Section 179 rule.
Enter it under "furniture, appliances" on Minute Menu (because it's considered 7 year property).
tenderhearts 12:16 PM 12-19-2018
Well ours is an outdoor security system so I don't know if that would be the same benefit or not.
Michael 04:51 PM 12-19-2018
Originally Posted by tenderhearts:
Well ours is an outdoor security system so I don't know if that would be the same benefit or not.
I would think that security is an indoor/outdoor necessity for a childcare business. Maybe Tom will add more.
TomCopeland 04:52 PM 12-19-2018
Originally Posted by tenderhearts:
Well ours is an outdoor security system so I don't know if that would be the same benefit or not.
Same answer, it's deductible. Unless it was purchased specifically for your business, I'd use your time-space%. It didn't make that clear in my earlier answer.
tenderhearts 08:28 AM 12-20-2018
Great thank you!