This is not an official source I would normally use, but it seems to agree with the spirit of the deduction.
Exception #2: if the item has a value of less than $500, most accountants will expense it because the cost of tracking that asset over its useful life is just too burdensome, time consuming and costly. And the IRS agrees with that. So an external hard drive would last more than a year (hopefully) but cost less than $500, so it’s just worth everybody’s time to expense that puppy.
Expense asset
