How Often Do You Change Brake Fluid? Brake fluid is something thatâs important for the safe operation of your vehicle, but most people donât know how or when it should be changed. The average person drives anywhere from ten to fifteen thousand miles per year, and they use their brakes about 75,000 times.
DEFINITION of 'Depreciation'. 1. A method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes. 2. A decrease in an asset's value caused by unfavorable market conditions.
IRS Depreciation Methods. Depreciation is a tax deduction for long-lived business and investment property. You normally cannot expense the full purchase cost of business property in one year but must spread out the deductions over the propertyâs ârecovery period.â Different types of properties have different recovery periods.