For the 1120S Assets..Is company equipment or computers considered an asset?
If so, is it the depreciated value of the equipment or computers or the amount when first utilized by the business?
Hi Anthony, thank you for posting your question regarding Form 1120S. Yes, any equipment that you use in your business is considered to be an asset. This includes furniture, computers, printers, monitors etc;. I’m not quite sure I understand your second question regarding depreciation. You need to have the following info handy to calculate your depreciation: purchase date, purchase price, amount and the date you first started using the asset in your business. We have a step by step guide on how to complete Form 1120S, see the link below:
Best of luck,
Crystalynn Shelton, CPA
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