Comments on: Office supplies become expenses when? http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/ Thu, 17 May 2012 23:40:35 +0000 http://wordpress.org/?v=2.7 hourly 1 By: StephenWeinstein http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/comment-page-1/#comment-1874 StephenWeinstein Wed, 07 Oct 2009 21:08:44 +0000 http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/#comment-1874 When it comes to things like pencils, the only practical solution is to deduct them when purchased, because it is too time-consuming to keep track of the purchase price of each one to expense when that particular one is used up (especially if there are identical ones purchased at different prices) and to record the date of every time that you lose a pen, use a post-it note, etc. When it comes to computers, printers, copies, furniture, etc., you need to depreciate them. GAAP and the Internal Revenue Code use different depreciation schedules, so you need to keep two sets of books. You next question should be when do you deduct the cost of buying the duplicate books: when you make the first entry or when they become full :-)<a href="http://www.healthstorebargains.com/srch/srch.php?q=CoQ10"> StephenWeinstein</a> When it comes to things like pencils, the only practical solution is to deduct them when purchased, because it is too time-consuming to keep track of the purchase price of each one to expense when that particular one is used up (especially if there are identical ones purchased at different prices) and to record the date of every time that you lose a pen, use a post-it note, etc.

When it comes to computers, printers, copies, furniture, etc., you need to depreciate them. GAAP and the Internal Revenue Code use different depreciation schedules, so you need to keep two sets of books.

You next question should be when do you deduct the cost of buying the duplicate books: when you make the first entry or when they become full :-) StephenWeinstein

]]> By: Yo LO! http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/comment-page-1/#comment-1873 Yo LO! Mon, 05 Oct 2009 20:26:17 +0000 http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/#comment-1873 D, unless they are supplies being used in the presentation process of a Capital Project.<a href="http://www.fresh-coffee.com/coffee/espresso.htm"> Yo LO!</a> D, unless they are supplies being used in the presentation process of a Capital Project. Yo LO!

]]> By: Mr. Q http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/comment-page-1/#comment-1872 Mr. Q Fri, 02 Oct 2009 18:08:55 +0000 http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/#comment-1872 when you pay for something it is obviously an expense...... "d"<a href="http://www.telescopebuyingguide.com/mead-telescope.htm"> Mr. Q</a> when you pay for something it is obviously an expense…… “d” Mr. Q

]]> By: Kimmy http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/comment-page-1/#comment-1871 Kimmy Thu, 01 Oct 2009 13:42:44 +0000 http://www.proofficesupply.com/blog/office-supplies-become-expenses-when/#comment-1871 it depends on what they are used for and you need proof of purchase. Anything you purchase that you need to work or for work, you can claim<a href="http://www.businessbrokersguide.com/southern-california-business-broker.htm"> Kimmy</a> it depends on what they are used for and you need proof of purchase. Anything you purchase that you need to work or for work, you can claim Kimmy

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