By TurboTax How can I get the most favorable tax treatment for my business assets? TurboTax covers depreciation, special first-year expensing rules, and more. Basics of depreciationAs a business owner, you can normally deduct business expenses in the year you incur them, but the rule is different for property you buy that is expected to last more than one year, such as buildings, machinery, and furniture. Normally, you can’t deduct the full cost right away. Instead, you depreciate them or deduct the cost gradually over a number of years. Property that doesn’t wear out, such as land, can’t be d…