I'm a sole proprietor / contract employee (developer) in Texas (United States) and am planning to make a new hardware purchase. I remember being told that purchases made in the last quarter of the year can't be deducted entirely in that tax year; instead, they have to be depreciated over their expected life span (5 years for computing hardware). Is this true? Is there any way around this requirement?
I would prefer to deduct it entirely within one year, just to simplify my accounting, and because my business isn't guaranteed to continue as-is for the next year, much less for five. Am I missing a reason that depreciation would be better?