Q: Can I depreciate the computer I bought for my business?

A: Better yet, why not expense it? Depreciation is a rough measure of how much a piece of equipment loses value over time. In the case of a computer, as you know, the equipment ages very quickly. When you depreciate, you get to deduct a percentage of the value of the equipment each year. With a computer, you can deduct the entire value the first year. This one-year deduction of a piece of equipment is permitted under section 179 of the Internal Revenue Code, so it's called a "section 179 deduction." Get Form 4562 to claim the computer as an expense deduction. Note, however, that you may not be able to take the deduction under some circumstances, so you should probably talk to your tax professional.