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Deductions & credits
Probably. The De Minimis Safe Harbor Election is an option you can take each year that lets you write off items $2,500 or less as expenses instead of assets
Here are the rules you need to meet to take this election:
- You don't have an applicable financial statement (most people don't).
- You have a consistent process for how you record expenses and assets.
- You record these items as expenses on your books/records.
- The cost of each item as shown on your receipt is $2,500 or less.
@coby123
‎April 1, 2020
5:55 AM