Question

Under final regulations, a self-employed taxpayer may elect to apply a de minimis safe harbor to amounts he or she paid to acquire or produce tangible property to the extent such amounts are deducted by him or her for financial accounting purposes or in keeping his or her books and records. For taxable years beginning on or after January 1, 2016, the Internal Revenue Service increased the de minimis safe harbor threshold to what amount per invoice or item for self-employed taxpayers without applicable financial statements?
a. $500
b. $1,000
c. $2,000
d. $2,500

Answer 1

Answer:

d. $2,500

Explanation:

In the case of minimis safe harbor threshold limit amount per invoice or item for a taxpayers who are self employed without apply the finanical statement is the $2,500

Therefore as per the given statement, the correct option is D

And, the same is relevant

Also, the rest of the options are incorrect