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Video instructions and help with filling out and completing form 4562 example 2020
Well over the course of this brief video I'm going to show you how to calculate depreciation utilizing the straight-line method there are several different alternatives for how to calculate depreciation the straight-line method is by far the most simplistic and easiest to do but it's also fairly common although you do see companies utilize different methods on different levels so the reason that we calculate depreciation first obviously is because of accounting we know that we can't necessarily claim the value of an asset as the same over a period of time so for example if we purchase something like a company vehicle and say we purchase it for $20,000 right off the lot we know that over time that vehicle will not be worth the same that it was when we purchased it not only is it going to accrue mileage but there's going to be additional wear and tear that is going to make it worth less and so for for assets we depreciate those because we know that they lose value over time same thing with equipment like laptops and different things they begin to deteriorate over time so we can't claim the value of those as assets on our balance sheets so how do we go ahead and do this there's a basic equation for how to calculate depreciation utilizing the straight-line method the first thing that we need to know is the purchase price of that particular asset so this is the amount that we actually purchased it for and then we need to do is we need to determine a salvage value and so we factor out what's called a salvage value and I'll explain more about what that is and then what we do is we divide that by what we call our estimated useful life and the estimated useful life is really how long do we feel like this asset is going to be useful the IRS or the Internal Revenue Service usually has guidelines with regards to how long you can depreciate a particular asset so typically it's around five years and after five years you can no longer depreciate an asset and the reason that's done is to make sure that you can't necessarily extend the value of an asset over a long period of time because at some point assets are no longer going to be useful they're not going to work to the capacity they did before now one thing I will say is that simply because you've depreciated an entire asset its entire value that means that you can't claim it as an asset on your balance sheet but that doesn't necessarily mean that you need to replace that particular asset so with a vehicle example if you've depreciated the entire value of the vehicle that doesn't mean that you have to get rid of it and you have to purchase a new vehicle that merely means for accounting purposes you can no longer claim