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:
- Real Estate
- Leasehold Improvement
- 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.