 but that's the general idea so if it's a small so then the question is do i have to put it on the books as an asset or not so if you have an applicable financial statement you may use the safe harbor to deduct amounts paid for tangible property up to five thousand dollars per item or invoice so if you do not have an applicable financial statement you may use the de minimis safe harbor to deduct amounts paid for tangible property up to two thousand five hundred dollars per item or invoice so from a general like a cruel theory standpoint the theory standpoint would be hey look if you use this thing that's going to be used for multiple years into the future you should use the matching principle we're trying to match when you consumed it to when to when you earn the income related to the consumption and therefore you should depreciate it but from a practical standpoint we want to set a dollar limitation typically because we don't want to go through the added pain of depreciating if it doesn't really matter for us to just expense it because it's in material in essence all right amounts qualifying under this de minimis safe harbor should be included as other expenses in part five of schedule c more information for details on keeping this election and requirements for using the de minimis safe harbor for tangible property you can see chapter one of publication 535 on the irs website other expenses you can deduct you may also be able to deduct the following expenses you can see publication 535 to find out whether you can deduct them you've got advertising obviously bank fees you would think that would be a standard kind of deduction if the bank feeds were related to your business account donations to business organizations you would think be deductible the donations to business organization now you got to be a little bit careful with like charity charity kind of situations there but in any case education expenses impairment related expenses interview expense allowances licenses and regulatory fees so license and regulatory fees that are kind of related to you know what you need for credentials for your business of course moving machinery out outplace placement services penalties and fines you pay for late performance or non-performance of a contract repairs and maintenance to real or tangible personal property payment of income supplies and materials and utilities so notice when we're talking about like moving machinery that's one you've got to be a little bit careful of because again the question is is the machinery you're moving part of the machinery that you purchased or something like that in which case do you have to record it as part of the machinery unless it fits in the de minimis kind of category so that you can expense it and then supplies and materials is often an account like when you're looking at your information to do your taxes and you're trying to think are there any items that are going to be that I expense that are recorded to an expense account that should be capitalized so you might scan through like your supplies and your materials accounts and you might scan like the repairs and maintenance general ledger account the detail to see if there's like large items in there that really should be pulled out of there and and put on the books as a depreciable asset