Every businessperson is concerned about his or her taxable deductions. Depreciation is one of those deductions. Depreciation is the reasonable allowance deducted every year for the exhaustion and wear and tear as property becomes obsolete.' In 1988, there are many depreciation methods in use. A businessperson must be familiar with all of these methods in order to be able to be in full compliance with the tax law. The average businessperson is in awe of the tax code and will more than likely call up on a qualified tax professional to do his or her taxes. The accountant, CPA, or tax attorney must be knowledgeable of the changes in the tax law. When a new client comes in, however, it is difficult for a professional to know how a prior professional treated the depreciation of an asset.
Akron Tax Journal: Vol. 6
, Article 6.
Available at: https://ideaexchange.uakron.edu/akrontaxjournal/vol6/iss1/6