Personal Property

This video discusses how to convert personal items (such as laptops, phones and cameras) that you purchased prior to starting a business into business use to obtain tax deductions. NOTE: Upon conversion from personal use to business use, if you are not using the property 100% for business, you should reduce the depreciable basis further by multiplying the calculated depreciable basis by the business use percentage. Also, in some cases, you may be able to use bonus depreciation to expense the value of the items all in one year but speak to a tax professional to weigh the pros and cons of doing so. 📁 Setup your LLC or Corporation 📁 FileYourBusiness.com: https://www.fileyourbusiness.com/ Inc Authority: http://bit.ly/incauthoritycoupon IncFile: http://bit.ly/incfilecoupon ZenBusiness: http://bit.ly/zenbusinesscoupon Northwest Registered Agent: http://bit.ly/northwestregisteredagentcoupon BetterLegal: http://bit.ly/betterlegalcoupon 🎥 My Gear Review Video: https://youtu.be/zilx3A8Ny3Q📋 Join My Course Waitlist: https://navimarajcpa.com/learn/ If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.Website: https://www.navimarajcpa.comEmail: navi@navimarajcpa.comInstagram: https://www.instagram.com/navimarajcpa/LinkedIn: https://www.linkedin.com/in/navimarajcpa/Twitter: https://twitter.com/NaviMarajCPA Facebook: https://www.facebook.com/Navi-Maraj-CPA-PLLC-107003020774608/🎬 My Video & Audio Gear List 🎬Sony ZV-1: https://amzn.to/3i7SYcmSanDisk 128GB Extreme PRO SDXC: https://amzn.to/3c6fvm6SanDisk 256GB Extreme PRO SDXC: https://amzn.to/3wORFTsElgato Cam Link 4k: https://amzn.to/3p8EKJqAmazon Basics Flexible and Durable Micro HDMI to HDMI Cable: https://amzn.to/3yP4dfFAnker 4-Port USB 3.0 Hub: https://amzn.to/3yTjKevRode VideoMicro Compact On-Camera Microphone with Rycote Lyre Shock Mount: https://amzn.to/2Tn0iX0 Gonine DK-X1 DC Coupler AC-LS5 AC Power Adapter Kit Replacement for NP-BX1 Dummy Battery: https://amzn.to/3vEbZHfSMALLRIG Cool Ballhead Arm Super Clamp: https://amzn.to/2R99jCtSMALLRIG Camera Cage for Sony ZV1 Camera: https://amzn.to/3uASs9mCamtasia screen capture and video editing software: https://www.techsmith.com/video-editor.html This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. © Navi Maraj CPA PLLC. All rights reserved.#BusinessDeduction #TaxDeduction