I have many durable items that I've purchased for my sole proprietor business. Are there criteria for which must be declared as assets? I prefer to list them as supplies so I don't have to track depreciation costs. Here are a few examples:
- Laptop: $2000
- Workbench: $200
- Paper Shredder: $65
- Measuring Tape: $10
The de minimis amount for treating durable asset purchases as expenses is now $2,500 per item.
Anything that is this amount or less can be treated as an expense (supplies) instead of you having to capitalize (treat it as an asset) and depreciate it.