![]() ![]() Instead, you’ll want to depreciate it, taking a monthly expense by using an accumulated depreciation account throughout the useful life of the equipment.Īmortization, like depreciation, expenses an asset over its useful life. For example, if you purchase new equipment for your factory, you won’t expense that item in full when it’s purchased. Overview: What is IRS Form 4562?ĭepreciation and amortization are used to expense a big-ticket item over its useful life. If you’ve purchased a tangible or intangible asset during the tax year and want to take a deduction against depreciation or amortization expenses, Form 4562 will need to be completed and included with your annual tax return. Form 4562 is also used when you elect to expense certain property under Section 179 or to provide additional information on the business use of automobiles and other properties that will need to be included on the depreciation form. ![]() IRS Form 4562 is used to claim depreciation and amortization deductions. Learn what assets should be included on Form 4562, as well as how often this form should be filed. IRS Form 4562 is used to depreciate any big-ticket items you may have purchased for your business. ![]()
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