We have a very small business. How do I handle a sander$22; glue gun$23, knife kit $23, small knives $10 to $20 and lg knife $159.00? Expensed or deprecated?

Scoop980 · ‎February 28, 2020

JulieS · ‎February 28, 2020

All of those items can be expensed.

Even though they are designed to last more than a year, items under $1,000 do not have to be listed as assets. You could even group them together as Small tools and equipment.

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Scoop980 · ‎February 28, 2020

I don’t have a small tools expense. Can I put it under office expense or should I use 179 section expense

DavidS127 · ‎February 28, 2020

You can put those expenses for small tools in the Supplies category of Schedule C.

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We have a very small business. How do I handle a sander$22; glue gun$23, knife kit $23, small knives $10 to $20 and lg knife $159.00? Expensed or deprecated?