How to Maximize Tax Benefits from Buying Property

Many businesses have long-term assets on their balance sheets.  For an asset to be considered long-term it needs to be held on a company’s balance sheet for more than a year and cannot be intended for sale.  Examples of long-term assets include physical assets such as property, plant and equipment (PP&E) – machines, buildings, office equipment, vehicles, fixtures, land, computers, etc.  These are all tangible assets.  However, there are some intangible assets that are considered long-term such as goodwill, patents, research and development, and copyrights.

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