HumanBookkeeping.com™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what Useful Life means. If we can be of more help explaining what Useful Life is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-994-8626 (888-99HUMAN).HumanBookkeeping.com™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what Useful Life means:

When determining depreciation rates for assets, a company must decide how long the asset is expected to be of value to the company.

As such, bookkeepers estimate the expected years of service that an asset should provide. Many times, bookkeepers use the shortest allowable useful life, as defined by the IRS, to maximize the amount of depreciation, thus reducing tax liability for that period.

Need more information or help? Don’t hesitate to give us a call right now at 888-99HUMAN.

All initial consultations are free. Call a Helpful Human today!”[Back to Accounting Terms]