Yes, if it is $2,500 you can expense it, if you take the To take the De Minimus Safe Harbor election If it is more than $2,500 you will have to capitalize it. To take the De Minimus Safe Harbor election:
To
enter items you wish to expense using the De Minimus Safe Harbor do not enter
them as assets. Enter them under the expense section. To take the
election, you will need to go to the Asset Entry section and answer the
applicable interview questions. On the screen "Now, let's review
each item you bought" you have two choices:
- Every item i bought costs
$2,500 or less. (If you select this option you'll the following):
- Next you'll see the main
list of topics for your business. Be sure to choose an expense
topic to enter your items as other expenses.
- 2. Some items I bought cost $2,500 or
less and some cost above $2,500.
- If you choose the second item
and click Continue you will be taken through the interview section for
adding Asset purchases above $2,500. When you've gone through the
asset entry section you'll be at the Business Income and Expenses landing
page where you can select Other Common Business Expenses and enter your expenses,
including those covered by the Safe Harbor elections.
