Do I want to take this annual election? It's confusing language. I want to declare my equipment as an expense NOT an asset, so yes or no to this annual election????

To use the de minimis safe harbor election:

1. Say YES to Did you buy any items for any business, rental property and/or farm that cost $2,500 or less in 2020?
2. Say YES to "Let's see if you can deduct these items as expenses"
3. Say YES to "Do you want to take this annual election?"

You may use the safe harbor to deduct amounts up to $2,500 ($500 prior to 1-1-2016) per invoice or item (as substantiated by invoice).

Tangible Property Regulations - Frequently Asked Questions