The Internal Revenue Service considers any auto with an unloaded gross weight of 6,000 pounds or less a luxury vehicle. It gives you two ways to depreciate a luxury auto used for business purposes.

The goal of accounting is to produce fair and accurate statements about a company's financial performance and condition. An underlying principle of accounting is to connect the expenses that are ...

Assets like equipment, vehicles and furniture lose value as they age. Parts wear out and pieces break, eventually requiring repair or replacement. Depreciation helps companies account for the ...

Depreciation and amortization are accounting methods used to allocate the cost of an asset over its useful life. They reflect how assets lose value over time due to usage, wear and tear, or ...

Over time, the assets a company owns lose value, which is known as depreciation. As the value of these assets declines over time, the depreciated amount is recorded as an expense on the balance sheet.

Business News Daily provides resources, advice and product reviews to drive business growth. Our mission is to equip business owners with the knowledge and confidence to make informed decisions. As ...

Depreciation is a concept and a method that recognizes that some business assets become less valuable over time and provides a way to calculate and record the effects of this. Depreciation impacts a ...

Accelerated depreciation allows businesses to write off the cost of an asset more quickly than the traditional straight-line method. This can provide asset owners with potentially valuable tax ...

Property depreciation is the gradual reduction in the value of a property over time due to factors like wear and tear, which can be used for tax deduction purposes. Property depreciation is typically ...