Get the most from 2013 depreciation rules

While the depreciation methods you use for business tax deductions have changed over time, the basic underlying idea remains the same: tangible assets generally have a limited lifespan, and the cost of the asset is deducted over that lifespan. To claim a deduction, you have to know the correct method and life for the asset.

Federal tax rules that apply to your 2013 tax return include expensing allowances and bonus depreciation. Both of these provisions give you the option of deducting most or all of the cost immediately, though you’re still required to classify assets by method and life.

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