Dear Tabby, Recently, I opened a tanning salon. To save money, I'm trying to send my tax
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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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