Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon Jan 18, 2016 10:38 AM CST

Be thankful for a recent IRS decision offering small business tax relief. In 2013, the IRS issued the massive final version of the repair regulations. These rules define when an expenditure is an improvement that must be capitalized and depreciated; expenditures outside of these definitions can be deducted as a repair.

The regulations contain an exception for small expenditures: the de minimis expensing safe harbor rule. Under this provision, an expenditure of $500 or less per invoice, or per item substantiated by the invoice, may be deducted. This safe harbor is elected by placing a statement within each year's tax ...

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