IRS Form 4562: Information and Instructions
IRS Tax Form 4562 will begin a new series of posts covering the various tax forms and publications offered by the IRS when filing for depreciation and amortization expenses. Form 4562 is used by a business to report the deductible expense related to any business property purchased during the given tax year. Business property includes tangible assets that are either personal property (machinery, computers) or real property (buildings, building improvements) which can be depreciated. Intangible property (computer software, patents) can be amortized over a period of time. Below is a screen shot of the 2009 Form 4562. Clicking the image will bring up the entire pdf file which you can fill out.
To find filing instructions for the form, simply click on this link which will direct you to the IRS website.
Once there, you will find amongst other things, information pertaining to the following:
1) The Purpose of the form
- Claim your deduction for depreciation and amortization,
- Make the election under section 179 to expense certain property, and
- Provide information on the business/investment use of automobiles and other listed property.
2) Special Depreciation Allowance including:
3) Recovery Periods and Class Lives
4) Mid-Month, Mid-Quarter, and Half-Year Conventions
We know how much everyone looks forward to completing this form. So, if we can make your life any easier with this process, or help with any other IRS Forms, please ask us below, or on the questions page. Furthermore, should you have any questions about filling out the forms, or which forms are applicable, feel free to ask as well.