Where can I find the actual IRS required amount for something to be considered a fixed asset?
I keep hearing different opinions on how much does something have to cost before it is considered a fixed assert or an expense, but I don' think it is this arbitrary. Do you have the exact information?
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Zoey Wen CPA
Hi there, we found a similar question that has already been answered https://askexper.com/question/fixed-assets-vs-expenses/ ... Read more
Fixed Assets vs. Expenses
I have a new client with a startup and they have purchased new equipment for operating the businesses. Some items are over $1000 and some are under. What is the general rule for this?
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Liz King, CPA CPA
The IRS website is always my go to for general rules and guidance, as most small business owners are concerned with tax (cash) basis accounting. The following i ... Read more