Asset PurchasesJul 26, 2021
Items purchased that have over one year of useful life and are over $_____ in value are typically considered depreciable assets. This includes such purchases as furniture, computers, equipment, vehicles, and leasehold improvements. When you purchase anything that falls under this description, you will need to provide us with a copy of the receipt for the item as well as any lease or finance agreement associated with it. Invoices for assets being depreciated should be kept in a separate file. This file is required to be maintained for audit purposes.
When you dispose of or sell any asset, please notify us so we can update our records. Additionally, at the end of each year, we will ask that you verify all assets we have listed for your business are still in use. Please be sure to respond promptly to our request. Keeping this information up to date will save you money in personal property taxes and keep your business tax return accurate.
If you want to improve your business situation, get assistance now. Schedule your free consultation today or give us a call at (218) 491-4002. We're here to help!
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