Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses. Microsoft Excel ...

When your company purchases a fixed asset with an estimated lifetime exceeding one year, you cannot deduct the entire cost in the year of purchase. Rather, you must depreciate the asset by expensing a ...

Depreciation is the allocation of a fixed asset's costs over its useful or serviceable life. Fixed assets, such as office furniture and buildings, have useful lives that usually are significantly ...

David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.

Steven Nickolas is a writer and has 10+ years of experience working as a consultant to retail and institutional investors. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee ...