- June 2, 2023
Take Advantage of This Little Tax Secret!
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As a business owner or entrepreneur, you know how important it is to keep track of your expenses. One area that is often overlooked is the cost of small purchases that add up over time.
Thankfully, the IRS has a provision known as the Safe Harbor De Minimis Election that allows businesses to write off these small expenses without having to keep track of every single receipt.
In this blog post, we will discuss what the De Minimis Election is, how it works, and how your business can take advantage of it.
What is the Safe Harbor De Minimis Election?
How Does it Work?
Why is it Important?
How Can Your Business Take Advantage of It?
The Safe Harbor De Minimis Election is an essential provision in the tax code that allows businesses to deduct the cost of small purchases without having to keep track of every single receipt.
By having written accounting procedures in place for these purchases, businesses can save time and money on record-keeping and administrative expenses. As a business owner or entrepreneur, taking advantage of the Safe Harbor De Minimis Election can help streamline your tax reporting, keeping your business compliant with tax laws while minimizing your record-keeping burdens.
Want help reducing your tax for your business without tedious account keeping or the hassle of endless paperwork?
Orange Crush Business Consulting can help!