- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thank you! Yes. If you decide to take this option, a form called De Minimis Safe Harbor Election will show up in your tax return. This election will apply to ***ALL*** your businesses, rental properties or farms.
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.
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.
‎June 3, 2019
12:53 PM