The two Safe Harbor Elections are complimentary, in that assets that would normally be depreciated are instead reported as expenses. The De Minimis Safe Harbor covers assets under $2,500 for most businesses. The Safe Harbor for Small Taxpayers covers assets and improvements over that amount, subject to some limitations.
The basis of any asset includes all related costs such as shipping and installation/labor. Combine all your costs for each asset before you apply either Safe Harbor Election.
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