Many small business owners do not realize that a large majority of electronic gadgets and equipment that they use in the operation and functionality of their business are taxable.The amount that you can deduct for electronic gadgets depends on if they are considered a current year expense or a capital expense. A current year expense is one that keeps recurring and a capital expense is one that lasts for more than a year.
0:00-0:36 deducting cost for electronic gadget depends on current year expense or capital expense
0:36-1:04 examples of current expenses
1:20-2:02 electronic gadgets of capital expenses
2:02-3:13 Half-year rule on capital cost on asset
3:13-3:30Tip on capitalizing or current tax deduction
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The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.