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Anyone familiar with best time to purchase a new cell which will be tax deduction for work. It's now December, my three year old Iphone 5S drains battery fast & needs replacing in the real near future. Better to buy it this month & take the deduction for 2017? My income increased this year...
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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With the current proposed changes to tax law, I would take whatever you can get now. The same deductions may not be available next year. If your employer requires you to have a cell phone but doesn't provide it then you can deduct it, so go for it.
Like most financial questions, you need to look at the Big Picture for your own specific tax and purchase requirements.
Compare the value of getting a tax break vs the value of buying the phone (regardless of why), when it's at it's lowest cost.
It's smarter to save $80 when the phone goes on sale in Jan, than a $5 break if purchased in 2017.
(numbers pulled out of the air as an example).
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,317 posts, read 80,639,850 times
Reputation: 57331
Quote:
Originally Posted by Ed_RDNC
Like most financial questions, you need to look at the Big Picture for your own specific tax and purchase requirements.
Compare the value of getting a tax break vs the value of buying the phone (regardless of why), when it's at it's lowest cost.
It's smarter to save $80 when the phone goes on sale in Jan, than a $5 break if purchased in 2017.
(numbers pulled out of the air as an example).
Good point. Thinking about it again, I don't know that it makes much difference. If you are in the highest 28% tax rate, deducting the most expensive $1,000 Iphone X is not going to save more than a couple of hundred in tax at most assuming you have enough other deductions to itemize. On a cheaper phone the benefit from the deduction is not even going to be noticeable.
Thank you all for your awesome replies! My job requires use of cell phone for work. My Iphone 5S is close to 3 1/2 years old. Battery really goes when taking photos (community association management). 25% tax bracket. At this point, looking to go deep with either the 7 or 8 plus.
I am constantly taking pictures for compliance, landscape issues, leaks, & beach... etc.
7+ or 8+?
I'm keeping this phone for backup so no trade.
Suggestions? Thinking that these phones are not going to drop $80 on January 1st 2018 & I need all the write off for this year possible ?!
7+ is a better value than 8+ right now in my opinion. The cameras are very similar. The only thing the 8+ will offer is wireless charging and an a glass back as opposed to aluminum on the 7+.
7+ is a better value than 8+ right now in my opinion. The cameras are very similar. The only thing the 8+ will offer is wireless charging and an a glass back as opposed to aluminum on the 7+.
Right on!
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