How do you track your equipment?

[perfarny]

Hi All,
Just started my LLC (for part time work) and plan to file taxes via my personal return, i.e. Schedule C.

I'm wondering how everyone here tracks purchases of cameras, lenses, stands, etc. Are they each an asset on the balance sheet?

I'm meeting with CPA next week, but wanted to see what everyone here does.

TIA,
Per

[Nightstalker]

Yup - ballance sheet asset to be depreciated in line with local allowances.

[perfarny]

Great. Thanks! One more question if you don't mind: when you started, how did you handle the equipment you already had?

[SMP_Homer]

Great. Thanks! One more question if you don't mind: when you started, how did you handle the equipment you already had?

the CPA you meet will give you options on that