Question: Dear Tabby, Recently, I opened a tanning salon. To save money, I'm trying to send my tax return on my own this year. I think

Dear Tabby,

Recently, I opened a tanning salon. To save money, I'm trying to send my tax return on my own this year. I think I understand how to report all the receipts and payments properly using a Schedule C, but I'm having an issue with this thing called "cost recovery."I was hoping you could explain it more to me.

I rent the space I use for the tanning salon. This year, I purchased 10 tanning beds, threecomputers, and various pieces of furniture for the salon.

I heard that I might be able to deduct all these items I bought, but then I saw I might have to use cost recovery? I also saw something about bonus depreciation. I need some clarification on what my options are for deductingthese items I purchased.

Thanks!

Tanning in La La Land

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