I recently purchased an aerial lift for my business. How much can I deduct on my taxes the first year, or do I just depreciate it out?

The general rule for anything you purchase to use to make money in your business, is that it's an asset and must  depreciated over the 'useful life' (which means deducted each year, as determined by the tax depreciation rules). Because of an election and special rules, you'll most likely be able to deduct the entire amount regardless. 

If your aerial lift equipment and any other assets purchased during the year, cost less than $2,500, you can just write off the costs under the Business Expenses section. You no longer need to add it to the software as an asset and you can enter the cost under any expense category, like Supplies or Miscellaneous. 

If it costs more than $2,500, you need to add it as an asset. However, because of special depreciation, you'll most likely still qualify to write off the entire amount. 

You'll still need to add the asset and the software will offer special depreciation and/or section 179, at the end of adding the asset. To add the asset:

• Click on Business tab 
• Click I'll choose what I work on
• Click Update next to Business Income and expenses
• Edit next to the applicable Self-employed business 
• Scroll down and select to Edit/Update/Start next to Business Assets
• Answer through the questions and then under Describe this Asset, select Tools, Machinery, Equipment and then the sub section as applicable. 
  
• On the screen titled, How do you want to deduct this item? You'll be able to choose to take the full amount as a write-off this year, partial write-off, or spread out the deduction (which you might do if you don't have much taxable income).
• Lastly, on the Asset Summary screen, click show details to review the asset and depreciation