Depreciation is an annual tax deduction that allows a taxpayer to recover the costs of certain property over a number of years. Depreciation and amortization is only applicable to fixed assets that has a useful life of over one year. In order to be depreciable the property must meet all of the following requirements:
Diana McCalpin is an accountant who manages a Certified Public Accounting Practice in Laurel, Maryland which performs audit, accounting and tax services to customers. She loves to share information with clients to help them grow their businesses and be profitable.
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