When you purchase lowercost assets for your business, you might be able to write off the amount on your tax return to simplify your bookkeeping and taxes.

A fun shortcut to help you with tax deductions for fixed assets is called the de minimis safe harbor election. The IRS has guidance in place that determines whether the amount you pay for tangible assets would be considered an amount too small in the eyes of the law. If it is, you may take that amount as a tax deduction, also known as a tax writeoff.

We’ll discuss fixed assets, so you know what purchases are acceptable under the de minimis rule; capitalization, so you know how the de minimis rule bypasses it; and the maximum amounts you can spend to stay within the de minimis safe harbor.

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