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

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