[NEED LEGAL HELP?] Call our 24/7 Helpline: 1-866-723-4855

Useful Life

Definition - What does Useful Life mean?

Useful life is a legal classification for assets, usually in a business, which show the amount of time in years that an asset will be able to be used and the rate at which the asset's usefulness will depreciate.

Justipedia explains Useful Life

The inclusion of useful life in a business accounting system allows the business to deduct the amount that the asset has depreciated each year from the business tax calculation. When the asset reaches the final year of depreciation, it can be "written off" or no longer considered as an asset.

Connect with us

Justipedia on Linkedin
Justipedia on Linkedin
"Justipedia" on Twitter

Sign up for Justipedia's Free Newsletter!