Tax Facts

Information to help individuals and small business navigate our complex Tax Laws. Not to be construed as tax advice. Contact your hired tax advisor for your specific tax situation and advice.

Defining a Long-Term Asset

Our small business clients often ask the difference between a long and short term asset - especially with regard to deduction and depreciation of that asset. We'll define a Long-Term Asset in this post.

The main distinction is to first ask the question: how long will this asset have a useful life in the business you are operating. So, don't get this confused with its actual physical life. The IRS generally sets the rules on what is reasonably expected to be the useful life of a particular long-term asset.

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