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About OWEN S. ARNOFF, EA
Expertise
As an Enrolled Agent, I am fully capable of providing tax advice as it relates to personal and business income taxes. Enrolled Agents are the only Federally Authorized Tax Practitioners and are admitted to practice before all administrative functions of the IRS. My specialty is working with small business owners who file Schedule "C" and helping them to structure their business in such a way as to maximize as many tax advantages as possible. I also enjoy working with individuals who have both routine as well as complex tax situations. Members of the National Association of Enrolled Agents must complete a minimum of 90 hours of Continuing Professional Education in Taxation every three years. This puts us at a tremendous advantage when it comes to providing outstanding and up-to-date tax planning and advice. Although I am licensed to handle and do, in fact, work with Non-Profit Organization compliance (Form 990 series), Trust/Fiduciary Returns, and Estate & Gift Tax Returns, I prefer to concentrate on individuals and small business tax planning.

Experience
I have a 25 year background in financial services including tax, bookkeeping, insurance, real estate and securities. I was previously the Chief Financial Officer of a local and national franchise organization. I currently own my own individual and small business financial engineering firm where I work with nearly 500 individuals and small business owners in California, Texas, and Arizona, assisting them in all aspects of their tax and financial well-being.

Organizations
National Association of Enrolled Agents, California Society of Enrolled Agents, National Society of Accountants, National Association of Tax Professionals, National Society of Tax Professionals, American Institute of Professional Bookkeepers

Education/Credentials
Enrolled Agent, Admitted to Practice Before the IRS, Accredited Tax Preparer, CTEC Registered Tax Preparer, Certified QuickBooks ProAdvisor (since 1999), Sleeter Group Certified QuickBooks Consultant, Life & Disability Insurance Agent License (California, Texas, Maine), Real Estate Agent License (California), Series 7 General Securities Registered Representative, Many years of continuing education in all these fields

Past/Present Clients
http://www.betterbusinessventures.com/our_clients.html

You are here: Experts > Real Estate > Tax Planning: U.S. > Tax Planning > Tax on Investment Gains

Tax Planning - Tax on Investment Gains

Expert: OWEN S. ARNOFF, EA - 10/29/2009

Question
Im looking to buy a computer in order to research and trade more easily. I recently set myself up with a limited partnership where i am the only member managing my own money. Can i offset some invetment gains with the purchase of a computer? If I can't expense the entire computer, can i depreciate it over a few years against my investments? I have a personal computer for other things, this would simply be for invetments. Thank you.

Answer
Bill:

If you are in the business of trading (or your LP is in the business of trading) and it is a regular occupation or purpose, then you could certainly deduct the cost of the computer (as you indicate it will be exclusively used for business purposes). You can do that over time according to a fixed depreciation schedule or (assuming you qualify) could deduct the cost as a Section 179 deduction.

I hope this answers your question. If not, feel free to reply and I can add any additional comments. Please be sure to fill out the rating survey.

Also, feel free to visit my web site at: http://www.BetterBusinessVentures.com

I also have a blog that you can follow that can keep you up-to-date on the latest
musings in tax. A serious, yet humorous, side of taxes is shown.

Visit today and subscribe: http://www.sacramentotaxblog.com

With every kind wish,

Owen Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
Better Business Ventures, Inc.
916-481-5252

Please note: This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

IRS CIRCULAR 230 NOTICE: In order to comply with certain IRS regulations regarding tax advice, we inform you that, unless expressly stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. The information in this email should not be regarded as comprehensive treatment of all tax law and as a legal authority. While considerable effort and research has gone into preparing answers to your tax questions, errors or omissions may be present. Furthermore, laws enacted or amended by Congress and/or State Legislatures; IRS actions or State actions; and court decisions frequently change tax laws, their application and/or interpretation. This disclosure is made pursuant to Circular 230, as amended 26 September 2007: Any US Federal tax information provided in this email are not intended or written to be used to avoid tax penalties that may be imposed on any taxpayer. For more information about this Notice, please visit http://www.betterbusinessventures.com/disclaimer.html

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