Is software purchased for a small business tax deductable?

I'm planning on purchasing some design software at the end of the year. Close to $5k. The plan is to use it to design some projects I have interest in bringing to market and offering design services to people on the side to bring in some income. Is this software tax deductable/ tax write-off? If not, under what circumstances would I be able to deduct the cost of software from my taxes?
 
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