What are some examples of depreciation?
An example of an AI chatbot conversation about depreciation and its various types.
What are some examples of depreciation?
Depreciation refers to the reduction in value of an asset over time. Common examples include vehicles, machinery, and buildings.
Can you explain how straight-line depreciation works?
Sure! Straight-line depreciation spreads the cost of an asset evenly over its useful life. For example, if a machine costs $10,000 and has a useful life of 10 years, it depreciates $1,000 each year.
What about accelerated depreciation methods?
Accelerated depreciation methods, like double declining balance, allow for larger deductions in the early years of an asset's life, which can be beneficial for tax purposes.
Are there any tax benefits to using depreciation?
Yes, businesses can deduct depreciation from their taxable income, reducing their overall tax liability.
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