Fixed assets, also known as Business Tangible Assets or Property, Plant and Equipment, can be one of your major investments. Managing your fixed assets – in terms of knowing their status, locations, useful life, depreciated value and county tax calculations – is crucial to your bottom line. Lack of proper management may be costly (see below). Fixed assets differ from inventory and are not for resale. They include:

  • Land
  • Real Estate
  • Leasehold Improvement
  • Vehicles
  • Machinery
  • Computer Equipment & Peripherals
  • Computer Software
  • Furniture & Fixtures
  • Intangible Assets – Trade Marks, Franchises

Poor management of assets can result in:

  • Under reporting depreciation expenses resulting in overpayment of taxes.
  • Loss of valuable assets through theft & pilferage.
  • Over payment of county Tangible Business Tax.
  • Over payment of Insurance due to over valuing assets.
  • Miscalculation of Gains or Loss on sale of assets.
  • Not knowing when to timely purchase an asset resulting in loss of income.

Our Fixed Assets Services include:

  • Tracking & Recording ALL purchases of Assets categorized into appropriate class & location.
  • Full Descriptions of assets with image attached.
  • Tracking Sales or Retirement of assets from service & calculating Gain or Loss on sale of assets.
  • Calculating Depreciation Expenses for each period as well as Calculating & Preparing Year End form 4562.
  • Calculating Accumulated Depreciation & list of fully depreciated assets.
  • Preparing Tax Forms for County Business Tangible Personal Property tax.

As one of our accounting or tax clients,

ALL your fixed asset data will seamlessly flow & integrate into

your accounting and/or tax software.

Depend on My Small Business Accountants for a full range of services adapted to your needs.

Contact Us today to learn more.

202 293-4032

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