I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate one now.
My question is... how would I report this as a deduction to the IRS? What form would I need to fill out?
Look at taking a deduction under Section 179. Generally, you can deduct the entire cost of certain business equipment (up to a limit) in the year you purchase it, rather than depreciate it over time. There's a dedicated web site with lots of information. Make sure you qualify and keep records for each piece of equipment you elect under Section 179.
To make the election, include IRS form 4562 on your tax return.
