There’s a common misconception that

There’s a common misconception that buying “stuff” at the end of the year — something like a new laptop computer for a home-based business — is a quick and easy deduction.

It may be, but make sure it's something that you needed to buy regardless of the tax write-off potential, Thompson said. The amount that’s actually a deduction for "stuff" is usually only a fraction of its true cost. Because many products have a life expectancy of several years, the value is depreciated, and the deduction is calculated over several years. In reality, a $500 computer might save only a few dollars in taxes.