Did you know….You can deduct things that you took from your personal life and started using in your business?
Office chair & desk
plants
office supplies
laptop
lamps
books
carpet
the massage table you bought for school
your textbooks
How do you do that? Calculate how much the items would be worth at “fair market value” (i.e., what you’d sell them for at a yard sale, Craigslist, etc.). That’s the “purchase price”.
In your bookkeeping, you enter “convert personal property to business use” as where you purchased it. Put the fair market value in as the purchase price.
Put a note in about what you bought.
This is especially useful when you first start out because you have to acquire so much to set up your office. But even as you go along you’ll replace lamps, chairs, etc. and if you do it from your personal possessions, you’ve got a deduction!