Business Asset

Description and Definition of Business Asset

An asset held for business purposes, such as a car, computer equipment, or office furniture. Business assets are depreciable over a period of years. Assets such as office supplies, small hand tools, and general supplies are not business assets and you can deduct them as business expenses in the year in which the purchase is made.

Resources

See Also

Further Reading

• Business Asset in the West's Tax Law Dictionary
• Business Asset in “A Dictionary of Taxation”