TaxWorks Blog

An overview of TaxWorks’ Asset Management

The Asset Manager is a powerful tool that will handle all of your fixed asset needs. There are more than 60 methods available to calculate depreciation. Section 179 expenses and special depreciation allowance (bonus depreciation) calculations are also available. The necessary federal forms are calculated as well as any adjustment forms for states that do not conform to the federal depreciation rules. Detailed vehicle expense entries are available and an auto expense worksheet shows where the vehicle expenses are reported on the tax return.

The Asset Manager handles many complex disposition transactions, including like-kind exchanges, group sales, and partial dispositions. Assets are updated from year to year as clients are rolled forward, so data is entered only once. Real-time calculations are available on-screen for review, prior to processing the client.