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.

Corporate financial statements, such as income statements, cash flow reports and balance sheets, all employ generally accepted accounting principles, or GAAP, as the basis for their formats. Companies ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

As you may be aware, the year-end fiscal cliff deal brought 50 percent bonus depreciation back from the dead for 2013, once again providing taxpayers the opportunity to immediately deduct half the ...

Under the Modified Accelerated Cost Recovery System, the half-year depreciation convention generally applies to personal property. Under this convention, only a half-year of depreciation is allowed ...

One of the more robust tax incentives over the past several years has been Bonus Depreciation. This tax provision allowed companies to accelerate depreciation on purchased equipment to the year it was ...

Depreciation is key in maximizing asset ROI, while minimizing the financial impact of acquisition. How companies choose to write down assets over time differs, yet all write-downs follow a ...

IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its ...