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Depreciation
Depreciation is when much of an asset’s value has been used. Businesses can deduct the cost of the assets they purchase as a business expenses.
Depreciation is used in accounting to try to match the expense of an asset to the income that the asset helps the company earn. Currency and real estate are two types of assets that can depreciate. During the housing market crash in 2008, homeowners saw the value of their homes depreciate by as much as 50%.
Accelerated Depreciation
Depreciation spreads the cost evenly over the life of a particular asset. Accelerated depreciation allows deductions the first years after purchase.
Bonus Depreciation
Bonus depreciation varies from year to year: it is offered on top of the maximum limits and standard first-year depreciation. Bonus depreciation is defined as depreciation deduction when disposing of an asset. Therefore it is subject to taxation as income. Deprecation is a non monetary expense that reduces the monetary value of an asset .
All assets lose their value over time. They have to be replaced.
Depreciation isn’t all bad, there are some pluses:
1. Write it off! Depreciation is a non cash charge- it’s a good thing. 2. Depreciation affects a company's profit and loss statement . Depreciating assets yields more income on profit and loss statement and increases assets on the balance sheet.
3. Timing is everything: consult an accountant to consider which depreciation method works best for you. Whether you’re big business or small potatoes, let depreciation work for you to increase your income and lower your taxes.
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