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Almost every business must invest in some major equipment, vehicles, machinery, or furniture in order to operate. Some businesses will require assets such as land, a building, patents, or franchise rights. Major assets that will be used in your business for more than a year are known as "capital assets" and are subject to special depreciation treatment under the tax laws.
Depreciation is claimed on Form 4562, and a separate Form 4562 must be filed for each different business activity you engage in.
The files are in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
Adobe Acrobat Reader is available, without charge, at the Adobe website.
For more information, see our discussion of capital assets and depreciation.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
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