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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.
Form 4562, Depreciation and Amortization
The file is in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
To get a free version of Adobe Acrobat Reader software, go to the Adobe web site.
For more information, see our discussion of capital assets and depreciation.
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