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Self employed
The IRS recently made adjustments as far as the value that can be immediately expensed. See more below:
Note: Effective for taxable years beginning on or after January 1, 2016, the Internal Revenue Service in Notice 2015-82PDF increased the de minimis safe harbor threshold from $500 to $2500 per invoice or item for taxpayers without applicable financial statements. In addition, the IRS will provide audit protection to eligible businesses by not challenging the use of the $2,500 threshold for tax years ending before January 1, 2016 if the taxpayer otherwise satisfies the requirements of Treasury Regulation § 1.263(a)-1(f)(1)(ii).
You can find more inforamtion HERE
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August 31, 2022
4:59 PM
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