(Answered) : Peyton is a self employed certified financial planner and began his business in 2016. During 2016, he purchased a $500 computer

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 purchases can be expense in 2016 without limitation? A. Computer, desk, legal/incorporation fees, roof B. Computer, desk, legal/incorporation fees C. Computer and desk, D. Legal fees/incorporation fees, roof

Expert Answer

Solution: Computer and desk

Explanation: In 2015 IRS simplified the paperwork and recordkeeping need for small businesses by increasing from $500 to $2,500, thus

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