Peyton is a self-employed certified financial planner and began his business in 2016. during 2016, he purchased a $500 computer and a $250 desk. he also paid $6,000 in legal/incorporation fees, and spent $12,000 for a new roof for the office building he owns. which purchase (s) can he expense in 2016 without limitation?

Question

Christina Hart

Business

20 January, 10:46

Peyton is a self-employed certified financial planner and began his business in 2016. during 2016, he purchased a $500 computer and a $250 desk. he also paid $6,000 in legal/incorporation fees, and spent $12,000 for a new roof for the office building he owns. which purchase (s) can he expense in 2016 without limitation?

+1

Answers (1)

Know the Answer?

Alma Hogan · Answer 1

Computer, desk, legal/incorporation fees, roof, they all are already paid expenses that can be used without limitation, at least in the same year, as are legal/incorporation fees, the others such as computers, desk and ceiling are expenses that will not be made again in some time, except for one particular situation.